CanadianSME January 2020 Issue by CanadianSME

CANADIANSME ISSUEE 14 JANUARY 2020

Empowering Canadian Small & Medium Businesses

THE

50 MOST INSPIRATIONAL

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Visit us at Canadian SME Business Expo at Booth #0011 on January 20, from 8:00 a.m. to 5:30 p.m. Metro Toronto Convention Centre 225 Front St. W, Toronto, ON MSV 2W6

Lenovo recommends Windows 10 Pro for business.

ÂŽ RBC is a registered trademark of Royal Bank of Canada. Used under license. Cisco is the registered trademark of Cisco Systems, Inc. The Lenovo logo is the registered trademark of Lenovo.

EVENT SCHEDULE 8:00 AM – 9:00 AM REGISTRATION & NETWORKING

9:00 AM – 9:10 AM

9:15 AM – 9:30 AM

CANADIAN SME BUSINESS EXPO INAUGURATION

KEYNOTE - CISCO

The Honourable Mary Ng Minister of Small Business and Export Promotion

Lissa Ricci Vice President of small business solutions for Cisco Canada

9:10 AM

9:30 AM – 9:45 AM

WELCOME REMARKS

KEYNOTE - LENOVO

Hon. Prabmeet Singh Sarkaria Associate Minister of Small Business and Red Tape Reduction

Colin Mcisaac Executive director and general manager at Lenovo Canada

9:10 AM – 9:15 AM

10:00 AM

WELCOME REMARKS

TRADE SHOW INAUGURATION

By Honourable Victor Fedeli, Minister of Economic Development, Job Creation, and Trade & Chair of Cabinet

The Honourable Victor Fedeli Minister of Economic Development, Job Creation, and Trade & Chair of Cabinet

10:30 AM – 11:15 AM PANEL DISCUSSION: BUSINESS LEADERSHIP When it comes to helping an organization succeed, leadership skills are amongst the most important aspects. Strong business leaders have the power to inspire their employees to achieve their goals and maximize their productivity. They also inspire innovation and a healthy work environment.

Shiraz Siddique - Moderator Founder, Leverage Consulting

Colin Mcisaac Executive director and general manager at Lenovo Canada

Randall Smallbone Randy is the CEO of Smallbone Consulting

James Meddings President of the Federal Economic Development Agency for Southern Ontario

Leon Goren President & CEO - PEO Leadership

Carmine Cinerari President at Sharp Electronics of Canada Ltd.

Wayne S Roberts Blade Creative Branding Inc.

I CANADIANSME MAGAZINE I JANUARY 2020

11:30 AM – 12:15 PM WOMEN IN BUSINESS Women are changing the face of the business industry. The number of female entrepreneurs is increasing year by year. However, they are still facing a number of challenges. Although the situation is getting better with time, women entrepreneurs still don’t have the same business opportunities compared to their male counterparts.

Tahira Bharmal - Moderator Co-founder and Chief Strategy Officer of Mentors Consult

Monica Kretschmer Founder & CEO - Canadian Business Chicks

Nancy Wilson Founder and CEO of the Canadian Women’s Chamber of Commerce (CanWCC)

Maria Locker Founder & CEO of Mompreneur

Lina Khalifeh Founder of SheFighter

12:30 PM – 1:15 PM GLOBAL BUSINESS MINDSET It’s important for a business to grow and succeed that entrepreneurs have a global mindset. What is global mindset? It’s the ability to absorb information as well as different traditions and cultural norms from around the world and implement it within their business strategies.

Shannon Ballard - Moderator Vice President of Customer Innovation - Jan Kelley

Wendy Mayhew Instigator, Author, Seniorpreneur

Rick Moore Founder, Group of One

Emiliano Introcaso Export Help Advisor Export Development Canada

Susan St. Amand Founder and President of Sirius Financial Services

Miki Velemirovich President at Cargo: a Business to Small Business Marketing and Advertising Agency

1:30 PM – 02:15 PM CLOUD AND TECHNOLOGY FOR SME'S Technology is the future. With new discoveries being made in the IT world constantly, it’s now or never to turn your business digital. Whether or not you’re comfortable in technology, this is an important topic for all entrepreneurs.

Darnley Greson Jr - Moderator Chief Technology Officer, Deloitte Service LP

Laurence Cooke Founder, Chief Executive Officer, nanopay

CANADIANSME MAGAZINE I JANUARY 2020 I

Matthew Tyrer Senior Manager, Solutions Marketing for the Americas for data protection leader Commvault

Basit Saeed Chief Technology Officer, Deloitte Service LP

Charlie Regan CEO of Nerd On Site

02:30 PM – 3:15 PM DIGITAL TRANSFORMATION Making your business digital is one of the most important decisions you will make that will significantly contribute to its success. It’s safe to say that in today’s world, technology is dominating. Almost all businesses are digital because they understand just how much of an impact it has on the success of the organization.

Basit Saeed - Moderator CTO, Deloitte

Scott Michaels Chief Strategist, Apply Digital

Sarah Steele Senior Director, Visa Small Business Products

Sanjay Malhotra CTO & Co-Founder, Clearbridge

03:30 PM – 4 PM FINANCE & INVESTMENT Are you wondering if your business has what it takes to be investable? Having issues finding investors? Looking to grow your business and attract investors? Need funding but not sure where to turn to? This panel discussion is perfect for you!

Miki Velemirovich - Moderator President at Cargo: a Business to Small Business Marketing and Advertising Agency

Rebecca Pang Senior Director, U.S. Strategy at RBC

Kash Ahmad Managing Director and President of BFS Canada

Frank Bilotta Partner, Tax at SBLR LLP

Claudio Rojas CEO at National Angel Capital Organization

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4:15PM â&#x20AC;&#x201C; 5 PM CEO AND FOUNDER'S PANEL Starting a business has its number of challenges. Planning stage, developing a marketing strategy, gaining a solid client base and secure funding is enough to overwhelm any potential business owner. Itâ&#x20AC;&#x2122;s also all the more challenging when you want to grow your business to reach a larger target base and increasing profits. Investing strategically and the potential risk that it might not work out is stressful.

Shiraz Siddique - Moderator Founder, Leverage Consulting

Nunzio Presta Founder & CEO of BizON

Sarah Hopen Founder at Star Company Inc.

Mike Tremblay CEO & President, Invest Ottawa

Derek Luke CEO, Muse

Jo-Anne MacDonald CEO, ARAG Services Corporation

by nanopay

Great news! Now you can pay your vendors in the U.S. in addition to Canada. No sign-up fees, no monthly account fees, simply pay-as-you-go.

WORKSHOP DOING BUSINESS WITH THE GOVERNMENT OF CANADA

Presenting Partner

TIMING: 10:15 AM TO 10:45 AM MR. MENELAOS (MANNY) ARGIROPOULOS Chief, SME - Small & Medium Enterprises (OSME)

YOUR BUSINESS AND TECHNOLOGY: WHAT’S NEXT? TIMING: 11:00 AM TO 11:30 AM Join us for an intimate fireside chat featuring entrepreneurs and small business leaders on the role of technology in the digital era. LISSA RICCI Vice President of small business solutions for Cisco Canada

CRAIG SMYTHE Small Business Leader – Cisco

BUSINESS

MATT SERGEANT CTO – Ideal

COMPETING AGAINST THE WHALES IN YOUR INDUSTRY TIMING: 11:45 AM TO 12:45 PM SHIRAZ SIDDIQUE Founder – Leverage Consulting Inc.

A MARKETING TEAM OF ONE TIMING: 01 PM TO 01:30 PM RICHARD TOKER Branderos Account Director/Project Manager/Educator

JOEL SEARS Branderos - Creative Director, Copywriter, Educator

WORKFORCE OF THE FUTURE EMBRACING THE 4TH INDUSTRIAL REVOLUTION

BUILDING A DISRUPTIVE BRAND

TIMING: 1:45 PM TO 2:15 PM MARGO CRAWFOTRD President And Ceo Business Sherpa Group

SOCIAL MEDIA STRATEGY MADE SIMPLE! TIMING: 3:45 PM TO 4:15 PM SUE SUTCLIFFE Canadian Digital Marketing Trainer

TIMING: 2:30 PM TO 3:00 PM WAYNE S. ROBERTS Blade Creative Branding Inc.

JANUARY 20, 2020 METRO TORONTO CONVENTION CENTRE A MUST ATTEND EVENT www.smbexpo.ca

WELCOME This new year marks not only the beginning of a new year but also the beginning of a new decade. With a new year comes new goals and opportunities. What better way to start the new decade with business opportunities that can take your business to the next level? As we look forward to the new year and the start of a new decade, CanadianSME is excited to help entrepreneurs as they continue their journey to success. This month, we’ve included articles and interviews from leaders in different industries. Starting with Laura Jones, Chief Strategic Officer and Executive VP from the Canadian Federation of Independent Business, Fred Shurbaji of Aviva Canada, Export Help Advisor Emiliano Introcaso from EDC, Stephen Hunt who’s the National Lead Financial Planning Advice and Strategy at MD Financial Planning and Lori Darlington, VP of Small Business at RBC. On top of featuring some of the top leaders of the country, this month we’re also including articles that we believe will benefit many entrepreneurs. Adam Edmonds, VP of Products at Nexj Systems talks about CRM in his article 5 Ways to Make Intelligent CRM Work for You, Not the Other Way Around. Tax Partner at KRP Armando Iannuzzi talks about the importance of choosing the right accountant with his article Not All Accounting Firms are the Same. Choose Yours Wisely. Technology having a huge impact on the success of a business, Will Shilson from Calligo talks about AI in How SMEs Can Ensure a Smooth Journey when Employing AI and Automation. Innovation is the key to the success of any business, Powering Purposeful Innovation in your Organization by General Manager at Amazon Web Services (AWS), Jeffrey Kratz talks about the importance of innovation and how to integrate it in any business. Our January issue is filled with resourceful articles and interviews from top industry leaders in the country. Every month, our team at CanadianSME works hard on finding exclusive content that we believe will benefit entrepreneurs. Our number one goal has always been to help grow the Canadian SME industry. If they succeed, we succeed. Therefore, we’ve made it our mission to work hard to include content that contributes to the success and growth of SMEs. We hope you enjoy this month’s issue and we look forward to the new year ahead. Happy reading.

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MEET AND LEARN FROM INDUSTRY EXPERTS

www.canadiansme.ca info@canadiansme.ca canadiansme canadian_sme canadiansme Publisher & Editor Shaik Khaleeluddin (SK)

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Content Writer Mana Vakili

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Photography The photos/images published in this magazine are either purchased or belongs to their respective owners

Social Media Cmarketing Inc Contributors

Dino Infanti Lori Darlington Adam Edmonds Emiliano Introcaso Laura Jones Ryan Wozniak Stephen Hunt Jeffrey B. Kratz Shiraz Siddique

J. Denise Castonguay Daniel Reio Fred Shurbaji William Shilson

For Advertisements: info@canadiansme.ca For Distribution Enquiries: CMarketing Inc. 2800 Skymark Avenue, Suite 203 Mississauga, ON. Canada. L4W 5A6 416 655 0205 / 647 668 5785 MEMBER OF

ISSN (International Standard Serial Number) ISSN 2562-0649 (Print) ISSN 2562-0657 (Online)

Published by CMarketing Inc. 2800 Skymark Avenue, Suite 203 Mississauga, ON. Canada. L4W 5A6 Copyright © 2019 CMarketing Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited.

CanadianSME is also available on: The contents in CanadianSME Magazine are for informational purposes only. Neither Cmarketing, the publishers nor any of its partners, employees or affiliates accepts any liability whatsoever for any direct or consequential loss arising from any use of its contents.

January 20, 2020 8:00 - 6:00 PM TORONTO, CANADA Exclusive PC partner

www.smeexpo.ca #smeexpo

® RBC is a registered trademark of Royal Bank of Canada. Used under license. Cisco is the registered trademark of Cisco Systems, Inc. The Lenovo logo is the registered trademark of Lenovo.

CONTENTS

26 Laura Jones on Red Tape Awareness Week EXCLUSIVE CHAT WITH CFIBâ&#x20AC;&#x2122;S

SMALL BUSINESS TALK WITH

Lori Darlington

VP, Small Business, Strategy & Partnerships at RBC

43 POWER UP!

THOUGHT LEADERSHIP

SHIRAZ SIDDIQUE

Stephen Hunt: Driving MD Financial Planning Advice

22 GOING GLOBAL WITH Emiliano Introcaso from EDC Export Help Advisor at Export Development Canada

32 Powering purposeful innovation in your organization

Jeffrey B. Kratz

General Manager & Regional Head of Latin America, Canada & Caribbean

INTERVIEW FRED SHURBAJI HOW AVIVA CANADA IS HELPING CANADIAN SMES

ÂŽ RBC is a registered trademark of Royal Bank of Canada. Used under license. Cisco is the registered trademark of Cisco Systems, Inc. The Lenovo logo is the registered trademark of Lenovo.

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CANADA360 ECONOMIC SUMMIT 2020

JOIN US FOR THE 1ST ANNUAL CANADA 360° ECONOMIC SUMMIT January 30, 2020 | 8:00 a.m. to 7:00 p.m. MaRS Discovery District | Toronto, Ontario The inaugural Canada 360° Economic Summit will harness the ingenuity of the business community to ignite the creativity that will enable Canada to thrive in a rapidly changing world.

Keynote Speaker Ian Bremmer Global Political Risk Expert President & Founder, Eurasia Group

Join us for a day of discussions that will help inform the recommendations we will make to the government to shape the growth and direction of the Canadian economy. Member rate: $400 | Non-member rate: $600

Can360.ca

Exclusive chat with Dino Infanti on

TaxNewsFlash Canada Report

What is the most important aspect that business owners should consider when planning their year-end taxes? A business owner-manager should pay attention to year-end remuneration strategies which includes determining the most tax effective salary-dividend mix that minimizes overall taxes for both the corporation and the shareholder. This is a complex decision that must consider personal marginal tax rates, corporate tax rates, available RRSP contribution room, payroll taxes, various personal deductions and credits that may be applicable, and the potential impact of alternative minimum tax. As well, the federal government recently implemented measures that affect private corporations (referred to as the Tax on Split Income Rules or TOSI) that make year-end tax planning more complex and challenging. The relatively new rules limit so-called income sprinkling among family members through the use of a private corporation, in addition to reducing the tax advantages of accumulating passive investment portfolios within a private corporation. Other important considerations for year-end planning may include properly timing the purchase and sale of fixed assets and repaying shareholder loans. Why is it important for entrepreneurs to plan their taxes ahead of time? How does it benefit them? It’s about being proactive. Income taxes are often a significant cost to a business owner’s affairs, therefore, planning to mitigate these costs is prudent. Tax planning may result in immediate benefits, but often the benefits are long-term. The continuous change in personal and corporate tax rates, changing family circumstances and new business transactions necessitate the review of regular tax planning. Tax planning should be considered a year-round exercise and should be undertaken before every significant business transaction, since it may be too late to plan after the fact - when a deal has already closed. What is the biggest mistake that entrepreneurs make when it comes to planning their taxes and what are some of the steps they can take to prevent these mistakes? An often overlooked tax planning opportunity for a private business owner is estate planning. The owner manager who has built value in their business may wish to consider implementing an estate freeze to minimize taxes on death, as well as probate fees. An estate freeze is a tax planning technique that “freezes” the current value of the business in favor of the current owner manager, with the future growth in value succeeding to the next generation of family members, generally via a discretionary family trust. Finally, it’s good practice for the business owner to have a will that is current to ensure it reflects changes in family status, business conditions and changes in the law. One of the most generous tax concessions of the Canadian tax system for small business owners is the lifetime capital gains exemption (LCGE) 16

I CANADIANSME MAGAZINE I JANUARY 2020

of $866,912 (2019, to be indexed for 2020). This exemption may be realized on the sale of shares of their corporation that is an active business carried on in Canada. Depending on the province of residence and assuming the highest marginal tax rate, this can equate to an income tax savings of approximately $216,000 for each LCGE available. Where qualified small business corporation shares may be disposed of in the future, it is important to plan well in advance to consider this opportunity, and in some cases structuring the shareholdings of the corporation to multiply the number of LCGE’s available amongst the family members. To claim this exemption, there are a number of conditions that need to be met, two of which are point-in-time tests regarding the fair market value of the assets in the corporation (i.e. at the time of disposition) as well as a 24-month lookback. For example, accumulating excessive passive investments in the company could mean that substantially all of the assets of the company are not be used in an active business which, in turn, can jeopardize the ability to claim the LCGE. Business owners should be aware of this in particular where they may sell the shares of their corporation in the future. How is the new passive investment income regime affecting business owner’s taxes? For taxation years that begin after 2018, new tax measures reduce the tax advantages of accumulating passive investments within a private corporation. The annual small business deduction (SBD) of a Canadian-controlled private corporation (CCPC) and associated CCPCs that earned more than $50,000 of passive investment income in the previous year is reduced by $5 for every $1 of that investment income over $50,000 (the SBD is fully eliminated at $150,000 of investment income). Further, a CCPC is entitled to a refund of taxes that are paid on investment income only by paying taxable dividends from income that has not been taxed at the general business tax rate (referred to as “non-eligible dividends”). Measures may be taken to mitigate the effect of the new rules depending on the company’s circumstances. These measures may include revisiting your investment strategy (consider non-income generating investments such as marketable securities that don’t pay dividends and permanent life insurance policies), individual pension plans, distributing corporate surplus to the shareholders, paying down debt or purchasing new equipment instead of acquiring investment assets. These new rules may impact shareholders who are close to retirement and were previously using their corporation as a retirement vehicle, as the elimination of the SBD for corporations earning investment income along with active business income. This may have an impact on the amount of after tax cash available to them once they retire. What advice can you give to business owners who have maximized their small business deduction? The combined federal/provincial small business tax rate in British Columbia decreased from 12% to 11% on January 1, 2019, making it even more important that companies maximize the small business deduction. There is a significant tax deferral where a corporation earns income subject to the SBD in comparison to an individual in the top marginal tax bracket. In BC the tax deferral

is 38.8% (Ontario is 41.03%). However, there still is a tax deferral available in comparing a corporation and an individual at the top marginal tax bracket at the general tax rate. In BC the tax deferral is 22.8% (Ontario is 27.03%). It is clear that being eligible for the SBD provides for the greatest tax deferral.

"Tax planning should consider both investment income rules. It also offers personal taxes and corporate taxes. To new information on changes to the Home Buyers’ Plan, proposed help entrepreneurs assess their 2019 tax changes to the rules for employee situation, KPMG has prepared a checklist with stock options, and guidance tips that will help evaluate compensation plans on recent changes affecting (an effective dividend/salary mix), family tax Canadians with U.S. income and considerations, business tax considerations, and property. The book is available in estate plans, among other items. These yearbookstores or can be purchased online. Entrepreneurs can also end tax saving tips are summarized in KPMG download KPMG's publication TaxNewsFlash-Canada "2019 Year-End Tax Tips Tax Facts from the KPMG website, for Owner-Managers”, available from and get quick access to the most the KPMG website." relevant and up-to-date tax figures

As mentioned earlier, new tax rules provide that for taxation years beginning after 2018, limit CCPCs from investing their surplus capital into passive investments, thus encouraging them to reinvest their surplus into active business income sources. If a company is in danger of having its small business limit ground down by investment income, it should consider using the above mentioned techniques to reduce or eliminate excess investment income in order to maximize the tax deferral within a CCPC.

What strategies or initiatives should entrepreneurs put in place to reduce their tax payments at the end of the year? Tax planning should consider both personal taxes and corporate taxes. To help entrepreneurs assess their 2019 tax situation, KPMG has prepared a checklist with tips that will help evaluate compensation plans (an effective dividend/salary mix), family tax considerations, business tax considerations, and estate plans, among other items. These year-end tax saving tips are summarized in KPMG TaxNewsFlash-Canada "2019 Year-End Tax Tips for OwnerManagers”, available from the KPMG website. Since every business owner’s individual circumstances differ, we recommend that entrepreneurs meet with their KPMG Enterprise Tax Advisor so that they can determine how the changing tax rules might affect them, their family and their private companies. Are there any programs or resources available that can help entrepreneurs when it comes to planning their year-end taxes? KPMG Enterprise has a series of webinars on selected tax topics oriented towards private business owners, referred to Enterprise Tax on Demand (EToD). These webinars offer succinct and insightful information to help make your business better. Recent webinar topics include: Tax on Split Income, Lifetime Capital Gains Exemption, Top 5 Things You Should Consider in Preparation for the Sale of a Business, Employee Stock Options, Shareholder Agreements, Employee versus Contractor, and Expanding your Business into the U.S. There is more in the series to come. You can find the EToD webinars on the KPMG Enterprise website. On an annual basis, KPMG publishes a book entitled “Tax planning for you and your family – your guide to saving money at tax time and all year round”, which provides up-to-date information on recent tax rules that may significantly affect private company owners and their families, including the taxation of split income and the new passive

and evolving tax trends. On a final note, how do you predict the future of tax planning for small and medium sized business owners? A minority federal government requires us to look at each party’s election platform tax promises as an indication of potential future tax measures. Refer to KPMG TaxNewsFlash-Canada "2019 Federal Election – Parties Offer Up Diverse Tax Policies”, available from the KPMG website, which provides a good summary of the tax pledges made by each party. The basic principles of tax planning (strategies to reduce and defer tax) will remain the same. What business owners can do is maintain and retain good records, generally stay informed about tax changes, and assemble a team of good professional advisors to proactively address required changes in their overall tax strategy. They should also have a clear succession plan which involves a strategy to ensure that the benefit of the business assets pass to the right people at the right time, and with minimal tax. For KPMG’s Tax Newsflash, please visit: https://home.kpmg/ca/en/home/insights/2010/04/tax-news-flashcanada.html

DINO INFANTI

Partner, National Leader – Enterprise Tax KPMG in Canada With over 15 years of experience, and KPMG’s Partner, National Leader KPMG Enterprise ™ Tax, Dino Infanti is well known for his insights and guidance on tax technical work in estate and succession planning, corporate restructuring, tax mitigation strategies and divestitures. Dino specializes in owner-managed enterprises primarily in the construction, real estate development, and holdings sectors, in addition to the entertainment sector. CANADIANSME MAGAZINE I JANUARY 2020 I

SMALL BUSINESS TALK WITH

LORI

DARLINGTON VP, Small Business, Strategy & Partnerships at RBC

Lori Darlington is the Vice President, Small Business, Strategy & Partnerships for Business Financial Services at RBC. She is responsible for leading RBC’s Small Business segment and teams. In her role, Lori provides strategic oversight in delivering market-leading client experiences through innovative partnerships and differentiated, beyond banking solutions to help aspiring entrepreneurs and Canadian business owners start, manage and grow their ventures. She also leads the strategy development for RBC’s Business Financial Services portfolio, including its client experience, CRM (client relationship management) and data analytics strategies.

A recent RBC poll showed that millennials are more likely to participate in the gig economy compared to any other age group. Why do you believe that is?

The recent RBC poll showed that nearly 47% of aspiring small business owners are already dipping their toes in entrepreneurship through the gig economy. Moreover, millennials are significantly more likely than any other group to be participating in the gig economy.

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According to the RBC 2019 Small Business poll, there are many factors that may play into millennials’ participation in the gig-economy. The first factor is that many millennials are considered digital early adopters as they have grown up in a world where technology makes it easier to participate in the gig-economy – whether it’s selling something they’ve made, offering a service or driving a ride share. While nearly every generation has adopted digital innovations to varying degrees, millennials are known for their digital savviness, and they innately understand how to participate in the digital economy and unlock greater flexibility for themselves by using the technology to their advantage. Second, many millennials participate in the gig-economy because they want to do something that aligns with their passion and values, and create something that they would buy, whether that be creating environmentally sustainable goods or crafting something beautiful and useful. Many in this generation value unique, locally-produced, handmade goods.

Lastly, millennials have entered the workforce at a time when the economy is in flux. Participating in the gig-economy has been a way to gain new skills or put the professional skills they’ve built towards generating additional income while cautiously testing the waters with an idea before fully taking the leap into business ownership. Were you surprised by the results of the RBC poll? Why? The recent RBC poll showed that nearly 47% of aspiring small business owners are already dipping their toes in entrepreneurship through the gig economy. Moreover, millennials are significantly more likely than any other group to be participating in the gig economy. With advancements in technology and unprecedented access to information, resources and customers, it’s now easier than ever to start a business. There’s also been tremendous growth and investments made in the Canadian start-up and innovation community to support entrepreneurs. These, among many other possible personal motivations, are creating an ideal environment for Canadians to test the waters on a passion project with a side gig and create new opportunities for themselves. What did it reveal about Canadian entrepreneurship? When initiating this poll, the goal for us was simple: to better understand what Canadians need in order to get their small business off the ground. Every small business owner is on a unique journey and we want to be there for them, every step of the way with traditional and beyond banking services and advice that is both relevant and tailored to their unique business needs. The 2019 Small Business poll showed us that many Canadians across all ages are thinking about taking the leap into business ownership. While there are many reasons that one might want to start a business, year over year the survey results show us that the top three motivators are: 1. The opportunity to be one’s own boss (88%) 2. Have control over one’s own career (87%) 3. Do more meaningful work that is aligned with one’s values (83%) What are some of the strategies or initiatives that entrepreneurs should implement so that they build and grow their business in the gig economy? In order to grow your business in the gig economy as an entrepreneur, start by developing a business plan. This process will help you think through your ideas and clarify both your personal motivations and business purposes and objectives. Soundboard that plan with people you respect and trust, like mentors, family and friends and other professionals in your network. Use that plan to have a conversation with a business advisor at your financial institution. You can work with them to assess your financial needs early on and come up with tailored solutions together. Coming in proactively with a business plan will instill confidence with the bank that you’ve thought through the ideas and any asks you may have to further support your business. Specifically, at RBC, our advisors can also connect you to a suite of business advice and solutions that go beyond traditional banking to help you start and manage your business – whether you’re just in the

exploratory stages or have made the commitment to start. You can also explore industry/trade associations for networking opportunities and consider contacting start-up incubators to understand the funding, development & mentorship support they could offer. What would you say is the biggest challenge that entrepreneurs face when they want to turn their side hustle into a full-time profitable business? According to the RBC Small Business Poll, there are three perceived challenges when it comes to starting a business: • A need for financial capital (59%); • A strong network of contacts (44%); and • A foundation in business administration (38%)

"Specifically, at RBC, our advisors can also connect you to a suite of business advice and solutions that go beyond traditional banking to help you start and manage your business – whether you’re just in the exploratory stages or have made the commitment to start. " What advice can you give to entrepreneurs so that they can successfully manage their part-time business into a full-time business? Whether you run a side hustle or work freelance, now is a good time to start implementing foundational best practices and routines that will set you up for further success as your gig continues to grow and evolve into something more full-time and official. Four areas to focus on to stay on track: Business Structure. If you’re just starting out, get professional advice to determine the business structure that works you. Whether you choose to form a sole proprietorship or corporation, this is a critical step on your path to long-term growth and helping you establish an identity for your business. Finances. Don’t miss collecting on any invoices by signing up for accounting and invoicing software. Create a profit and loss statement for the current and last year to track how well your business did after expenses. If cash flow kept you from taking advantage of business opportunities last year, consider getting a loan or line of credit and speak with an advisor at your bank about other ways you can improve your cash flow. Business planning. Take advantage of slow periods, the start of a calendar year and tax seasons to make or review your business plan. A good business plan will help you run your business intentionally, rather than reactively. Break down your goals by month and be specific. For example, aim to cut expenses by 5%, enter a new sales territory or increase revenue by 25%. Finally, create a yearly calendar to mark promotions, marketing initiatives and intentionally mark a time to review your progress (i.e. quarterly, mid-year or year-end). Performance evaluation. Use your financial statements and client feedback to review how your business did last year. Then, strategize how you can adjust your tactics this year to get better results. Consider a business coach or mentor to help you identify problem areas and troubleshoot ways to achieve your goals. Ask friends for recommendations or join business networking events to meet potential mentors. CANADIANSME MAGAZINE I JANUARY 2020 I

On a final note, can you tell us about some of the programs and services that RBC offers to part-time small business owners who want to transition into full-time business owners? RBC is committed to helping new business owners start, manage and grow their business in a way that saves them valuable time and money. We also recognize that each small business owner is unique, so we provide relevant solutions that go beyond traditional banking, and tailor our advice to help them meet their unique business objectives. We offer a number of services that go beyond traditional banking to help clients do three things: get started, save time and get paid. To get started entrepreneurs can register or incorporate their business with Ownr.co – a simple, cost-effective way to legitimize your business. It takes less than 5 minutes to complete the process online. Once they’ve done that, they can open an RBC business bank account in minutes, either online or in-branch, with our simplified account open process. And our system feeds into the Corporate Registry so that the information they used to register their business with Ownr.co accurately matches their business bank account profile, automating the process for the owner and minimizing the risk of human error.

To save time and streamline important payment processing, payroll and HR functions, we’ve partnered with ADP, Moneris and League to offer a number of simplified and digital solutions at a preferred rate as an RBC business banking client. For those on the go, we also have innovative mobile solutions like RBC’s NOMI™ Insights for business, which analyzes business spending activity to provide monthly cash flow and purchase pattern insights. This feature is complemented by our financial snapshot dashboard, which visually summarizes the business owner’s current cash position in the RBC Mobile app. To save money, the exclusive RBC Offers program offers business clients exclusive savings and other benefits when purchases are made using an RBC credit or debit card at one of the program’s many partner merchants including: Petro Canada, ADP, Telus and Fairmont Hotels & Resorts, among others. Finally, we offer an easier way to get paid with our Request for Pay feature in the RBC Mobile app dashboard to get reminders on the top outstanding payment requests and simplify the customer follow-up process.

We also have innovative mobile solutions like RBC’s NOMI™ Insights for business, which analyzes business spending activity to provide monthly cash flow and purchase pattern insights. This feature is complemented by our financial snapshot dashboard, which visually summarizes the business owner’s current cash position in the RBC Mobile app.

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ways to make

intelligent CRM work for you, not the other way around

Improve your customer service and profitability with these five easy tips that incorporate intelligent CRM AI-powered intelligent CRM can drastically help business operations and improve customer experience. However, a recent study from Capgemini shows that only 5 per cent of surveyed financial firms had implemented any AI-based strategies in their core business, with 87 per cent of HNWI (high net worth individuals) respondents reporting that an unsatisfactory customer experience was a significant factor in switching firms. As such, the pressure to innovate can’t be ignored and a properly integrated CRM system could be the ultimate game changer for your business this upcoming year. Here are five ways you can really make your CRM work for you:

Pick the right CRM solution

Customers expect easy and personal experiences, thoughtful engagement, and end-to-end support. On a basic level, Horizontal CRM comes at a low purchase cost and provides a host of generic features that will undoubtedly improve your business. Vertical CRM, meanwhile, is purposebuilt to meet the specific requirements of an industry, with low customization costs. Vertical CRM requires a bigger upfront investment, but understands your business processes and features to help you maximize your investment.

ADAM EDMONDS VICE PRESIDENT, PRODUCTS AT NEXJ SYSTEMS With almost two decades of experience developing customer management solutions in financial services and insurance, Adam Edmonds is responsible for establishing overall product vision and designing easy to use solutions that solve financial advisor’s problems.

Proper integration is key

Proper integration of whichever CRM system you choose is vital to the return on your investment. In the financial services industry, for example, customers cannot be served properly without a comprehensive view of all their interactions. Any CRM system you choose should ultimately help streamline client processes on a deeper, more relatable level to help take your customer service to the next level.

Artificial Intelligence is the future of CRM

Intelligent CRM with built-in AI offers many notable benefits, including a cost-effective and efficient method of leveraging client data and delivering timely information and actionable insights directly to your fingertips.

AI essentially does all the heavy lifting for you: giving you more time and productivity back by identifying things like repetitive day-to-day tasks and how to simplify them.

It’s a social media world

Intelligent CRM allows you to consolidate all your social media management tools in one place. Social media infiltrates every part of our day-today lives, and keeping track of client milestones so that you can capitalize on your clients’ important life events has never been easier. Whether it’s a birthday, an upcoming retirement or the birth of a new family member, let your CRM system suggest and schedule personal touches that will make a real difference to your client relationships.

The customer is always right

It’s not just about meeting your customers’ needs anymore - building authentic, lasting relationships are essential to your business’ long-term success. There’s no arguing with the demand for differentiated customer experiences, and with technology constantly evolving, it’s nearly impossible to stay competitive in today’s marketplace without innovating to meet these needs. With the right CRM for your business, there’s no reason you can’t adopt a client-centric business model that understands your client’s needs, motivators, and interests, while also fostering their loyalty to your business and brand. The question now is, which one will you choose?

CANADIANSME MAGAZINE I JANUARY 2020 I

G o i ng G l o b a l w i th

Emil ia no I ntro c a s o fro m ED C

Export Help Advisor at Export Development Canada

Emiliano has close to two decades of experience working with manufacturers and exporters looking to increase their global growth by providing them with support and guidance in all things export. His strategy not only focuses on navigating companies through the complexities of global supply chains, but also in the small details that can make or break an international trade transaction. Emiliano is one of the Export Help Advisors at Export Development Canada (EDC).

As an Export Help Advisor at EDC, what can you tell us about some of the challenges that entrepreneurs face when it comes exporting their products? One of the challenges most entrepreneurs face is the lack of research. There are so many countries where their product might be worth selling, that choosing the right market might be a daunting task. At our Export Help Desk we get questions such as where should I export my product?; and although we can point you in the right direction to resources of trade data and market research, Iâ&#x20AC;&#x2122;ll always ask if they have prepared an export plan yet. An export plan helps answer that very important challenging question, as it takes you to a process of validating where products or services can be sold and allows you to understand what type of financial resources you might need, if for example, your product has to be modified for a particular market. You provide support and guidance to manufacturers and exporters when it comes to helping them increase their global growth. What can you tell us about some of the strategies you use to help them? When helping companies, it is important to understand how each company operates, what their potential plans are, and what they are hoping to gain from expanding their operations. It is also important to know if all stakeholders are on board for going global. Itâ&#x20AC;&#x2122;s not unusual to 22

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see a sales manager trying to grow the business, only to be faced with management not wanting to do the right financial investment to get there. For example, some companies have great products that are sold in Canada, but that they might need modifications if the product is to be sold overseas. Those modifications or adaptations to the products not only cost money, but also take on research and development time, which can be quite costly. If the team tasked to build new trade opportunities does not receive the green light from management, then it will be very difficult for companies to move on. My advise is to get everyone on the same page, and to ensure that you have full commitment from management. This is when having that export plan can help inform all stakeholders. What are some of the services and resources that EDC offers to manufacturers to help them succeed in the global market? EDC assists Canadian exporters succeed abroad by providing financial and insurance solutions. But we also provide you with export knowledge. One of the best places to start your research is our TradeInsights page. Through this easy to search tool, you can find resources that are based on industry & regions. You can find eBooks, exporter guides, on demand webinars, blog posts, and articles, that cover different areas that provide Canadian manufacturers of knowledge to help them succeed. EDC also has some digital tools that our in-house developers built to

help exporters get answers to their trade related questions. One of the tools is the Export Help Hub, which is a curated list from the Export Help Team of the most requested questions. If an exporter is looking for a shipping company, they can use EDC InList, to search a worldwide database of freight forwarders. Another great tool for new exporters to use is EDC Company Insight which guides users on how to properly vet international businesses. Through this tool, you can get access to the business registries and resources that EDC uses when evaluating a new customer, distributor or partner. EDC also has an economics team that publishes different resources throughout the year, so that companies can analyze markets with ease. For example, one of their most accessed publications in our website is the Global Export Forecast. In your expert opinion, do you believe that Canadian companies are well positioned to export in the foreign market compared to other countries in the world? In Canada, we tend to be very open to the fact that companies should export their products or services. Because of that, government services that help exports have a lot of resources available at the disposal of companies. There are programs such as the Trade Accelerator, provincial and federal support, and also in-market government representatives such as the Trade Commissioner Service (TCS) that can help your company connect with potential buyers overseas. Having the Canada brand behind your product, places your organization ahead of many other markets that are seeking the high-quality products and services that Canadian companies have to offer. What are some of the small details that you believe manufacturers and exporters should focus on that can help them achieve a successful international trade transaction? This is best explained through examples. Think of a particular clause in a contract that might make or brake a business transaction. What if the contract used the wrong currency? Selecting the wrong Incoterm, which are trade terms internationally recognized, can bring unexpected risks and costs that were not accounted in the original transaction. In many instances, I’ve seen the wrong place of delivery in documentation that was never updated by a customer. Incomplete documentation or permits when exporting can lead to delays. Misclassifying your goods with the wrong harmonized Not mitigating risks such as financial or commercial risks, can potentially affect your cash flow and most importantly, your

profit margins. Many companies operate without accounts receivable insurance, which means that if their clients don’t pay, profit and cost of producing those goods evaporates. Looking at every step of an international trade transaction is as important as ensuring the quality of your products and services. With over two decades of experience in the export industry, you are somewhat of an expert when it comes to providing support and guidance to manufacturers and exporters. What is the number one advice you can give them to help them succeed in the global market? More and more I believe that research is your number one tool to be successful in the global market. Being properly informed of the trade regulations, customs procedures and exports processes is extremely important. If your organization researches ahead of time, it will be able to identify potential risks and gaps. And once those are identified, your company can work with the right partners to mitigate them and help them be successful internationally. As an example, if a company finds out that they do not have the logistics experience in-house, then they can partner up with a freight forwarder and a customs broker that can help them fill in that gap. Not all of the tasks need to be done in-house, and whenever the situation requires outsourcing, then this is ok. If your current accountant does not have expertise in taxes in the US for example, you and your accountant can get help from an expert company by outsourcing that particular part of tax compliance to an expert. The one rule of outsourcing to go by is, that if the business process cost less to the organization and it is more efficiently done by a company or individual outside of the organization, then outsourcing that task is more than ok. This is especially true when a new company requires assistance in a expertise that they do not posses at that moment.

What’s been the biggest change you’ve noticed in Canada’s export industry over the last two decades that’s impacted Canadian businesses? Companies are more likely to think about exports now that the government has been promoting the many free trade agreements or FTAs it currently has in place. Canada is the only country in the G7, to have a free trade agreements with each of the G7 member countries. This is also a good indication at which potential markets companies can look for expansion. If a Canadian company has a product that can be exported to one of the countries where Canada has a FTA, this is a no brainer, of course, only if the market research shows that the product or service is a good fit for the market. FTAs help reduce trade barriers, open the market to millions of potential consumers and allow companies to grow. New companies are more open to think exports from the get-go, specially if they offer a service that can be exported with minimum modifications. On a final note, how do you predict the next 5 years of Canada’s export industry? I think that most Canadian exporters are looking at expanding to new markets. If a company is currently not exporting, my hope is that they will be in the next 5 years. If an organization is already exporting to one or two markets, in the next 5 years they should export to double or triple their current markets. Canada is also becoming a hub for tech companies and I believe that we are going to see more and more service exports coming from Canada, than any other country in the world. I also think that a lot of companies are looking at this export ecosystem as supportive and more integrated, and it is my hope that municipal, provincial and the federal government continue to produce programs that encourage companies to look at international expansion to bring Canada to the world. If Canadian companies succeed, all Canadians succeed.

"Canada is also becoming a hub for tech companies and I believe that we are going to see more and more service exports coming from Canada, than any other country in the world." CANADIANSME MAGAZINE I JANUARY 2020 I

EXPORT

No-cost ways to get answers to your

export ing que stio n s A

t this very moment, thousands of companies across Canada are searching for answers about exporting. That thundering sound you hear are the fingers of entrepreneurs and exporters pounding on their laptops to find out, “What’s the best market for my product?” or “What are the risks of expanding outside Canada?” The problem is that in a fraction of a second, they’ll be buried by an avalanche of 50,300,347 results. Some will never dig themselves out, but for those who wade through the deluge of information, they’ll find results from sketchylooking websites, outdated articles from 1994 and irrelevant facts, like “Brazil’s weirdest export” (which turns out to be badminton rackets). Hours later, they’re no closer to finding relevant, timely trade information from sources they can trust.

Why finding trade knowledge can be such a pain for exporters If you can relate to this scenario, you’re not alone. Not having access to quality information or quick, actionable answers to trade24

related questions is one of the top pain points for exporters, according to research conducted by EDC. And as more companies start realizing the benefits of exporting, including higher profits and sustained growth, the demand for trade information will increase. Here’s why it matters to you. • 1

If you’re a business owner or entrepreneur, then your expertise likely lies in your business sector, from mining to medical equipment, rather than international trade.

2 1.

The majority of Canadian companies are micro-, smallor medium-sized enterprises, and therefore less able to afford in-house trade experts.

• 3

The global marketplace is undergoing continuous and rapid change. Even international-trade experts need to climb fast to stay on top of—and analyze— the mountain of current economic, political and social impacts on trade.

Luckily, there’s a better way EDC’s sole purpose is to help Canadian companies of all sizes go,

I CANADIANSME MAGAZINE I JANUARY 2020

grow and succeed internationally. To do that, we’ve created effective solutions and tools to provide expert trade information. Whether you want a more in-depth understanding of a specific market or a list of potential opportunities in different countries, the following resources from EDC and its trade partners, Global Affairs Canada and the Business Development Bank of Canada, can help.

Start by signing up with a MyEDC Account There’s no need to have a dozen different sites bookmarked to get access to the information you need. MyEDC is a new online portal that gives Canadian companies unlimited one-click access to EDC’s international insights and guides. Just register once for a MyEDC Account, and you’ll find free resources to help you make smart business decisions, mitigate risks and increase success in international markets. Our sources of trade knowledge and expert market intelligence include many of the resources you’ll read about below, such as EDC InList, EDC Company InSight, EDC export help team (and the EDC Export Help Hub), plus a variety of timely

reports, how-to articles, and much more. Create your MyEDC Account today.

EDC.ca Our website can help you determine if your company is ready to export and what your next steps should be. It also provides insights about markets around the world, timely forecasts about the global economy, and information about opportunities and risks for Canadian businesses beyond our borders. Live and on-demand EDC webinars Want to benefit from expert insights on a variety of timely trade topics—from the impacts of today’s economic, political, and cultural trends on exporting to how to get more money to grow internationally? EDC’s live, valuepacked webinars delve into a range of topics you need to know to go global, and provide a questionand-answer session so you can get more information about your company’s specific needs. And if you can’t tune into the live broadcasts, no worries. You can browse our gallery of on-demand webinars at your leisure. See all the upcoming and on-demand webinars here.

EXPORT

EDC InList Good suppliers are critical to your success. They’re often the ones you rely on for your product’s materials, construction, marketing, sales and distribution, and after-sales service. One bad apple who fails to deliver on time or compromises the quality of your products can put your company at great risk. This can tarnish your brand and result in poor sales, decreased customer satisfaction, and unforeseen expenses. That’s why EDC InList was created. EDC InList draws on our extensive global network to bring you trusted service providers in Canada and in markets around the world. Right now, EDC InList is featuring freight forwarders, but different types of suppliers will be added in the near future. All of the suppliers in the directory have been vetted by EDC and must follow our code of conduct, so EDC InList is the quick and easy way to find trusted suppliers to match your needs.

EDC Company InSight Dealing with companies in other countries comes with added risks, so it’s natural to be cautious when doing business abroad. Now, you can get the business intelligence you need—and peace of mind—with EDC Company InSight. EDC Company InSight helps you find reliable information about international companies by giving you access to the same business registries and resources we use when evaluating a new customer, distributor or partner. The service also walks you through the validation process and provides helpful tips and resources. It enables you to find out what you need to know about a company to make better business decisions, including verifying a company’s identity, validating its information and ownership.

EDC x FITT Lite Learning Series If you’re a business owner who’s expanding into international markets, or you work for a company that needs international trade expertise, it can be difficult to find the time to research markets and potential opportunities. That’s where EDC x FITT Lite Learning Series can help. When you run into trade-related problems on the job or in your business, the EDC x FITT Lite Learning Series gives you solutions you can apply right away—and you can read through each unit in just one hour or less. The topics covered include selecting a market entry strategy, cash flow management, establishing sales channels to international markets, marketing with digital technology, and analyzing and mitigating currency/foreign exchange risk. The free downloads are taken directly from the acclaimed FITTskills courses, published by EDC and the Forum for International Trade Training (FITT), the industry experts you can trust.

Global Affairs Canada’s Trade Commissioner Service The Trade Commissioner Service (TCS), one of EDC’s partners, helps Canadian companies navigate international markets, with commissioners located in Canada and in more than 160 cities worldwide. Trade commissioners can provide you with key business insights and access to an unbeatable network of international contacts, as well as onthe-ground market-specific export advice to help you achieve your international business goals. Their website also has a wealth of resources, including the free download, A Step-by-Step Guide to Exporting, ideal for companies that are new to selling overseas.

Business Development Bank of Canada

EDC Export Help Hub EDC’s Export Help Advisors have helped thousands of companies, large and small, to find success abroad. Using our global expertise and market know-how, we help you find the best export information and resources. Simply send us your questions and we’ll follow up with detailed answers tailored to your business’s needs, as well as provide referrals to relevant business partners. This saves you time and money so you can focus on what matters most: growing your business globally. You’ll also want to check out the new online EDC Export Help Hub, which provides the information you need to know about the U.S. and EU markets all in one place. It can help you hone your export strategy, find customers, and understand customs, trade regulations, and tax requirements. More countries will be added in the future, so check back often.

Although not directly involved with exporting, the Business Development Bank of Canada is the only financial institution devoted exclusively to entrepreneurs. In addition to financing, it offers practical solutions and advice to help Canadian businesses successfully address a range of challenges and opportunities. Their website is also loaded with resources, including articles and tools to help you on your exporter journey.

Check back often to learn the latest The world of international trade is in a constant state of change, so EDC updates its resources regularly. Check back often to stay abreast of the latest trends, opportunities and risks, so you can make smart export moves for your company.

www.edc.ca CANADIANSME MAGAZINE I JANUARY 2020 I

Exclusive chat with CFIB’s

Laura Jones on Red Tape Awareness Week My experience in the public policy arena includes everything from policy analysis and research to managing operational and strategic considerations for one of Canada's largest, most effective business associations. Career highlights include: •

leading advocacy work to reduce red tape, including creating Canada's Red Tape Awareness Week, conducting ground-breaking research projects on regulatory reform, and providing advice to federal, provincial and municipal governments on how to effectively reduce red tape

•

turning around a multi-million dollar IT project, creating a team and supporting the team to deliver results on-time and on-budget

•

creating a more strategic approach to senior management planning

I am passionate about making things better--whether that be public policy, internal processes or the way teams function.

Exclusive chat with CFIB’s Laura Jones on Red Tape Awareness Week Laura Jones is the Executive Vice-President and Chief Strategic Officer at the Canadian Federation of Independent Business (CFIB) and the creator of Red Tape Awareness Week™, which will celebrate its 11th year on January 20. She is an internationally-recognized expert on regulatory reform and chairs the federal government’s External Advisory Committee on Regulatory Competitiveness.

Red Tape Awareness Week is entering its 11th year. What inspired you to create this initiative? Like many good ideas, it was inspired by frustration. It was the frustration that such an important issue for Canadians wasn’t getting the attention it deserves. Most of us have dealt with some kind of red tape headache—a government form that’s so hard to understand it makes you feel stupid, waiting in line longer than what feels humane or getting caught in voice-mail jail. These experiences can feel trivial on their own but their cumulative impact is huge. It’s a lot of unnecessary time and stress that’s a drag on our personal lives and the economy. The big question was how the heck to get governments to make reducing red tape a priority when there wasn’t really much in it for them to do that. Politicians weren’t waking up in the morning saying: “I’m going to make it a priority that government be more accountable for reducing red tape!” So we decided to put the issue under a spotlight and created Red Tape Awareness Week. The spotlight drives change.

I CANADIANSME MAGAZINE I JANUARY 2020

What do you do during Red Tape Awareness Week? It’s a really fun campaign. We give out a Golden Scissors award for the best action to reduce red tape. We also give out Paperweight “awards” for dumb rules. We’ve had some ridiculous ones like the municipality that forced a business owner literally to build a sidewalk connecting nothing to nowhere as part of a requirement for a building renovation, and the government that was asking bowling allies to essentially license every lane and pinball machine in their establishments. We get people to vote on which ones they think are the worst too. We’ve released groundbreaking research estimating the cost of regulation and its ugly cousin red tape. And for the past ten years, we’ve been issuing a report card to governments across Canada. We also do a red tape challenge. This year’s challenge is for governments to ditch the fax machine and increase the pace of digital modernization. It’s 2020, should you still need a fax machine to deal with government?

The main thing you encourage on your report card is measuring the regulatory burden, why is that so important? Can you imagine government not being required to report on their taxes and spending through events like an annual budget day? That’s essentially what we have on regulation. And like taxes, regulations can be good but too much of a good thing can become a very bad thing. So we need measurement so we can have good debates and the same kind of transparency that we have with taxes and government spending. It’s crazy that we didn’t have any of that ten years ago and great that it’s starting to change.

Which provinces get As on your report card? What kind of progress are we making? When we started no one got an A. British Columbia was the first to get one. They’ve been a leader in regulatory measurement and have reduced their regulatory requirements by around 50 percent relative to levels in 2001. They’ve done that while keeping environmental, health and safety outcomes high—it shows what’s possible. Quebec has also been measuring for a while and done a good job. I think Manitoba is currently the one to watch and I’m really impressed by how they are modernizing their systems. Nova Scotia has some really good initiatives, like their business navigator, and is also serious about measurement. It’s a bit early to tell what will happen in Ontario and Alberta but both have indicated a commitment to measurement and accountability. Oh, I shouldn’t forget our friends in Saskatchewan. Their team is committed and last year during Red Tape Awareness Week they launched a really good web-based initiative encouraging citizens to bring forward examples. You’ll have to wait until January 21 to get the full report card but there really are a lot of strong players this year.

What’s the most exciting thing that’s happened as a result of Red Tape Awareness Week? During our second Red Tape Awareness Week, the Prime Minister announced a Red Tape Reduction Commission. Out of that came the Federal Red Tape Reduction Act—also known as the One-for-One legislation, where one regulation and equivalent burden has to be removed for every new one implemented. Canada was the first country in the world to create this kind of legislation, which essentially puts some brakes in the system on the otherwise unchecked proliferation of rules. It’s not perfect but it was an important step forward. And I’m really proud that almost all MPs voted to pass the red tape reduction bill. There was only one vote against. We are lucky in Canada that politicians of all stripes understand the importance of regulatory modernization and reducing red tape.

What exactly is red tape and why is it such a problem? Red tape is government rules that are excessive, unreasonable or just painfully outdated. We flag ridiculous laws like BC’s Community Benefits Agreement, which requires construction firms working on provincial projects comply with 336 pages of rules that go as far as mandating employees be served steak once a week on warm dinner plates. But we also highlight bad government services that Canadians encounter every day, like the Government of Canada’s websites, which are excessively difficult to read and navigate. But red tape should not be confused with good regulation. There are a lot of rules that are necessary and important to promote health and safety and protect the environment.

In what other ways does CFIB help businesses navigate red tape on a dayto-day basis? Through our business helpline, we take over 40,000 calls from business owners across Canada on a whole host of issues, many of them red tape related. We also have a lot of templates to help business owners comply with rules like the requirement to have a privacy policy or an anti-bullying policy. We try and make it as easy as possible because we know a lot of businesses don’t have HR and government compliance departments. Some of our Savings partners are a great resource for reducing red tape. For example, we hear great things from our members about how Payworks has helped simplify dealing with T4s and Records of Employment. Our partnerships team does a great job of reading the fine print and negotiating great deals—which is another red tape headache it’s nice to not have to deal with.

Do you have any advice for business owners with respect to red tape? Big picture, I talk to a lot of business owners who feel that this is a pretty hopeless area. At CFIB we have an informal motto: “We never give up. We never go away.” That’s how we are with this issue and things are changing for the better. One of the things I admire about small business owners is how gutsy they are, including being gutsy enough to tell their red tape stories publicly. This encourages change. More specific advice is to get advice in writing from government, especially if you could be audited on it. And, of course, don’t be shy to pick up the phone and call CFIB if you need help. Our Business Resource line is 1-888-234-2232.

"Canada was the first country in the world to create this kind of legislation, which essentially puts some brakes in the system on the otherwise unchecked proliferation of rules. It’s not perfect but it was an important step forward. And I’m really proud that almost all MPs voted to pass the red tape reduction bill. There was only one vote against. We are lucky in Canada that politicians of all stripes understand the importance of regulatory modernization and reducing red tape."

I also love it when we solve specific problems for people. We had a business owner raise the issue of the excessive permitting for bowling allies. We made it a Paperweight Award and it got fixed. I really like being able to say thank you to government staff for doing good work in this area. People are so surprised. I often get the response that “no one ever says thank you.” It’s the right thing to do and, of course, it encourages more of the right kind of work. CANADIANSME MAGAZINE I JANUARY 2020 I

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5 HR RESOLUTIONS FOR 2020 T RYAN WOZNIAK Senior Vice President of Legal and Operations at Peninsula BrightHR is Peninsula’s awardwinning HR software and support service, which allows business owners to manage employees’ time off, track work hours, and get automatic and accurate calculations. This cloud-based software allows employers to remotely keep track of employees’ leave requests and make shifts and schedules. Peninsula is a trusted HR and Health & Safety advisory, serving over 80,000 small businesses worldwide. Clients are supported with ongoing updates of their workplace documentation and policies as legislation changes. Additionally, clients benefit from 24/7 employer HR advice and are protected by legal insurance. Contact us today to learn more about how we help employers succeed: 1-833-247-3652

he world of work is always evolving, from new trends and practices to useful resources that can help your business run smoother. The start of a new decade is the perfect time to set new goals and targets for your business, and there are more resources available to business owners than ever before. For those looking to improve their business, from freeing time to employing better HR practices, here are five resolutions to make in 2020. Delegate and outsource One of the biggest struggles small business owners face is not having enough time for everything. Employers and managers lose valuable time and energy on a multitude of small but necessary tasks, like administrative work, when they could have been focusing on business development instead.

Outsourcing is a great way to cut costs and save time. Instead of struggling with a task yourself or paying a full-time employee, you can get professional results faster by outsourcing a project. Outsourcing an administrative function, like HR, is an affordable way for employers and managers to ensure they are complying with employment and human rights laws, taking good care of their team and protecting their business. This is a great option that allows small businesses who cannot employ an HR worker or department to still benefit from the function. Hire employees that will fit and stay with the company A resume can be a good indication of a job candidate’s past accomplishments, but it doesn’t give a good idea of their potential. For this reason, many recruiters also evaluate applicants’ personalities

and goals to determine whether they align with the company’s vision. Beyond understanding their job duties, candidates should be made aware at the outset of their employment of the business’s plans and how it might evolve in the future. Choose candidates who want to work for your company specifically rather than those who are simply seeking the position. Employees who enjoy their workplace are more motivated to produce better work. Furthermore, workers who get along with their team contribute to high morale and engagement, improving retention rates. However, good recruitment goes beyond hiring for culture. While hiring a candidate that you feel will integrate well into the social culture may lead to great working relationships, it may also lead to a homogenous work force that lacks diversity of perspectives and ideas. Foster inclusivity If your business is lacking innovation and is experiencing stagnation, giving opportunities to a greater talent pool will enrich your business. A diverse workforce benefits from multiple points of view and different talents while minimizing unintended bias. Additionally, employers must be aware of laws that protect the rights of job candidates. Discrimination based on the protected grounds in human rights legislation is against the law. As a best practice, avoid discriminatory implications in job postings. Examples to avoid include references to age such as “young and enthusiastic” and gender pronouns.

such as harassment and bullying. Emphasizing inclusivity will demonstrate that everyone is welcome in the workplace and that negative behaviour is not tolerated. Make use of technology Technology can automate certain processes and make others more efficient, saving you lots of time and allowing for faster growth. For example, HR software can help employers more easily create and administer employee shift schedules, track employee work hours and vacation time, and keep their employment documentation organized all in one place. Automating repetitive tasks is also a benefit to your workforce, as more varied and less mundane work will keep employees more engaged and productive.

Review your policies and procedures Some workplace documentation, such as workplace harassment and violence policies, are legally required to be reviewed regularly. As legislation changes, other documentation will need to be updated as well for the business to stay compliant with the law. For example, cannabis edibles were legalized this past fall. Employers should ensure their existing drug and alcohol policies are updated to take cannabis edibles into account.

As legislation continues to change in the New Year it is important to stay up to date to ensure your business is compliant and protected. Business owners who are unsure of how to interpret and apply legislative changes to their business should consult professional advisors.

As a manager, championing an inclusive culture will also prevent common workplace concerns CANADIANSME MAGAZINE I JANUARY 2020 I

STEPHEN HUNT:

Driving MD Financial Planning Advice Stephen Hunt has been in the financial services industry for 27 years, 23 of which with MD Financial Management. In his current role as National Lead, Financial Planning Advice and Strategy, he leads a team that supports advisors in delivering financial planning to their clients. Stephen joined MD as a Senior Financial Consultant in the Toronto & Richmond Hill offices in 1996. After nearly ten years, he moved to Ottawa to join the Practice Team, acquiring experience in managing the Head Office Financial Consultants and supporting financial planning initiatives. He also developed a regional perspective as assistant regional manager. Through this variety of roles, Stephen has acquired an extensive knowledge of both physicians and MD, making him an invaluable contributor to MD’s mission of helping physicians and their families achieve financial well-being.

This is the case for about 40% of physicians with up to 15 years of practice in our survey.

My team’s role is to support MD Management Limited’s Financial Consultants in providing relevant advice to our clients so that physicians can worry less about their finances and focus more on what is important to them, notably the health and well-being of their patients.

Most physicians never learned about finances prior to embarking on their journey, leaving them unprepared from the start. Up until 15 years into practice, 38% to 56% of respondents said they never learned about money management before becoming a physician.

In your expert opinion, what do you believe is the main reason behind the lack of financial knowledge among Canadian physicians? •

"MD Learning Lounge provides a solution to these challenges by offering easy-to-digest and actionable financial education for physicians who are short on time yet eager to learn."

As the National Lead in Financial Planning Advice and Strategy at MD Management Limited, what can you tell us about your role and responsibilities to give our readers a better understanding of what it is that you do?

Physicians don’t have time to learn on their own

By experience, I can tell you that at every stage of their journey, physicians have extremely busy schedules. Between dealing with all of the stresses of a Canadian household, caring for patients’ health and well-being, and operating their practice as business owners, physicians have little to no time left for financial education.

I CANADIANSME MAGAZINE I JANUARY 2020

•

Physicians haven’t received financial education

Yet physicians are eager to understand more about their finances, investments in particular: between 34% and 59% of respondents across career stages wish they knew more now about investments, with the highest percentage among young physicians. And as a community heavily invested – two thirds of students already own investments, and all practicing physicians own investments starting in their fifth year of practice in our survey – physicians can only benefit from greater investment knowledge.

What is the biggest challenge that Canadian physicians can face due to their lack of financial knowledge? How can it affect their business?

MD Learning Lounge will empower physicians and lower financial stress by making their financial education easier.

Canadians rely on physicians for their wellbeing and physicians should be able to rely on professional advice.

Physicians face a unique range of financial challenges over the course of their career, from financing medical school and growing their practice, to incorporating their business, investing, and planning for retirement.

What are some other strategies or initiatives that you believe should be implemented to help physicians have a better knowledge of financial services?

Notes:

When they run their practice, they need to make decisions through the lens of a business owner, whether that is thinking about staffing and overhead, tax planning, or other finance-related issues. Provincial government billing nuances are another important factor. Physicians must also consider personal life needs with their own set of financial implications, making for an overall complex financial picture with interconnections between life and career decisions. As a result, poor planning or financial decisions can originate from different places and at different stages of the physician’s journey, and lead to potentially costly consequences. In the face of these challenges, if physicians feel they’re unprepared to make sound financial decisions, this can be an added source of stress. To help solve this significant issue, MD recently launched the MD Learning Lounge which is designed to help educate physicians on financial services. How do you believe this will benefit Canadian physicians? It is important for all Canadians that physicians focus on what matters most: taking care of Canadians’ health. But as I mentioned earlier, feeling unprepared to make sound financial decisions due to a lack of financial literacy can be an added source of stress. We also know that many physicians wish they knew more about finances. But of those surveyed, many never learned about money management prior to becoming a physician. And with their busy schedules, it’s difficult for them to find time to learn on their own. This means many early-career physicians are having to learn on the job. MD Learning Lounge provides a solution to these challenges by offering easy-to-digest and actionable financial education for physicians who are short on time yet eager to learn.

Physicians do have options to strengthen their financial literacy and take control of their financial life.

The financial literacy survey of 576 medical students, residents and practising physicians was conducted online by Environics Research between Sept. 8 and Nov. 3, 2019. All the statistics mentioned above come from the Environics Research (2019) MD Physician Financial Literacy Study.

In addition to learning on their own, they can ask for professional advice. MD’s 50 years of dedication to Canadian physicians and their families, and our advisors’ day-to-day experience with physicians make us an unparalleled source of knowledge for physician-specific financial issues. Our advisors help physicians understand their own financial needs and find the best solutions to achieve their financial well-being at every stage of their journey. advisors are committed to delivering objective advice. They work primarily on salary — and are not paid any commissions for selling one product rather than another. MD is mindful of physicians’ demanding schedules and makes it convenient to access advisors online or in person. We also provide education through talks and presentations across Canada to help medical students and residents become more financially literate. On a final note, what advice can you give Canadian physicians to help them be successful in all areas of their business, including their financial well-being? It is key for physicians to understand all aspects of their businesses, as well as their personal and professional needs.

The information contained in this document is not intended to offer foreign or domestic taxation, legal, accounting or similar professional advice, nor is it intended to replace the advice of independent tax, accounting or legal professionals. Incorporation guidance is limited to asset allocation and integrating corporate entities into financial plans and wealth strategies. Any tax-related information is applicable to Canadian residents only and is in accordance with current Canadian tax law including judicial and administrative interpretation. The information and strategies presented here may not be suitable for U.S. persons (citizens, residents or green card holders) or non-residents of Canada, or for situations involving such individuals. Employees of the MD Group of Companies are not authorized to make any determination of a client’s U.S. status or tax filing obligations, whether foreign or domestic. The MD ExO® service provides financial products and guidance to clients, delivered through the MD Group of Companies (MD Financial Management Inc., MD Management Limited, MD Private Trust Company, MD Life Insurance Company and MD Insurance Agency Limited). For a detailed list of these companies, visit md.ca. MD Financial Management provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies. MD Management Limited was the first of the MD Group of Companies to be founded, in 1969. MD Financial Management Inc. wholly owns MD Management Limited. For a detailed list of the MD Group of Companies, visit md.ca.

This holistic approach will allow them to make the best decisions not only for their business, but also for their finances, their families, and themselves. Physicians should know they don’t have to be on their own and they too can ask for help. They can reduce their stress by increasing their financial knowledge and by asking for help from a professional when they need it.

CANADIANSME MAGAZINE I JANUARY 2020 I

Powering purposeful

innovation in your organization

As General Manager at Amazon Web Services (AWS), Jeffrey Kratz is the executive responsible for the Latin America, Canada and Caribbean government, education & non-profit business. His experience building & managing complex international teams has accelerated the regional customer cloud adoption, specifically in Internet-of-Things, big data, cybersecurity & disaster response scenarios. With over 25 years of global technology leadership experience, he spearheaded the creation of the business plan that enabled the AWS Public Sector organization to expand into these regions. Jeffrey is often quoted in international press and speaks at public sector & economic industry events regarding global technology trends, and country growth strategies. He previously held a variety of executive positions with Microsoft for 20 years, finishing his time with the company as the General Manager, Global Channel Sales, WW Public Sector. Throughout his career Jeffrey has been a catalyst to empower customers with advanced technologies to spark growth. He began his career starting up with others Data Trek, Inc., a software firm specializing in automation and information retrieval systems for corporate and public libraries.

Jeffrey B. Kratz

General Manager & Regional Head of Latin America, Canada & CaribbeanWorld-Wide Public Sector Amazon Web Services jeffrek@amazon.com

I CANADIANSME MAGAZINE I JANUARY 2020

He holds a Bachelor of Arts degree in Political Science & Mathematics from Prinicipia College, & completed graduate work at the Pepperdine University Graziado School of Business & Management. Besides his innovation-driven start-up mentality, Jeffrey is a former elected official in Seattle, & is currently a FAA commercial pilot. He is also a member of the United States Soccer Federation, Aircraft Owner’s & Pilot’s Association, & the Seaplane Pilot’s Association. When he is not flying exploring the Pacific Northwest backcountry, Jeffrey can be found kayaking through the Puget Sound and other local waters.

The promising future of tech means our workplaces – and society at large – should be accessible, flexible and inclusive. But we are still on a journey to realize this future. Part of being an IT leader today is taking seriously your responsibility to encourage innovation in your corporate culture; an earnest, generous sort of innovation that advances equal access and equal opportunity, both in the workplace and in wider society. This means encouraging employees to actively seek out opportunities to use technology to innovate with purpose; that is, fostering a culture that prioritizes the use of tech for good, and one that considers business imperatives and priorities alongside ideas with the potential to build a better world. Why? Because technology has the power to impart real change in the way people conduct themselves and interact with one another. Every organization has the chance to contribute to this movement as we uncover the new and creative ways that we can use technology for good. As leaders, we need to build teams that consider how voice, artificial intelligence, and machine learning responsibly open doors and help us realize a more equitable society—and then enable our teams to make it happen. Take Pollexy, an AI project that uses Alexa voice commands to help children with autism transition into adulthood and independence – born from an idea an AWS Cloud Architect had to improve his son’s quality of life. Or the use of machine learning to create an app that screens early for autism—a new application of technology enabling Duke University researchers to speed up diagnoses, help children gain an average of 17 IQ points thanks to early detection and intervention, and positively impact a child’s long-term learning. Both solutions represent a scenario where a team member identified the opportunity to use technology differently, leading to an outcome that significantly improves quality of life for children with autism. The desire to create something that would make a difference was a powerful component of workplace culture that helped drive these projects forward, resulting in solutions that advance equal access and equal opportunity.

As a leader, if you’re ready to foster a culture of innovation with purpose, here are a few suggestions for encouraging this within your organization:

Solve problems. Don’t create a solution then look for the problem it addresses—start with a real issue being faced by real people. Robot Care Systems, a robotics development company based in the Netherlands, is a great example of this approach to purposeful innovation: they look for uses for robotics that fill a need, like using robotics to help seniors, people with Parkinson’s disease and those with disabilities move about more independently. Their leadership actively encourages employees to think out of the box and look for problems technology can solve, rather than innovating for innovation’s sake.

Collaborate across sectors. Bringing together unique skills sets, solutions, and areas of expertise can unlock new ways to problem-solve. Groups like the We Power Tech community connects allies and leaders who are building skills, getting engaged with the community, and inspiring the next generation.

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Prioritize innovation over idea acceptance. Require innovation and invention from your teams – and always find ways to simplify so they can focus on this task. When you encourage your teams to be externally aware and look for new ideas from everywhere, you create a culture where advancing social responsibility and business outcomes are considered equally important – and where no one is limited by the words “not invented here.” Act like a startup, no matter the size of your organization. When we act like a startup, others get inspired by an infectious entrepreneurial spirit and a bias for speedy action. They get creative, insist on the highest standards, and are always looking for new ways to exceed customer expectations. The status quo is never enough – there’s always a new way to improve service delivery or outcomes.

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THE

50 MOST INSPIRATIONAL

CANADIAN ENTREPRENEURS

KIRK SIMPSON Co-Founder & CEO, Wave Reputated leader with an innovative spirit, Kirk Simpson is the co-founder and CEO of Wave, a company that provides a suite of financial services and online software for small businesses. Headquarted in Toronto, Ontario, the company has risen to success and manages over $244 billion in income and expense transactions for its customers. Under the leadership of Simpson, Wave has brought over 3 million small business sign ups from around the world and has well over 12 million users on its platform. A true innovator at heart, Kirk works hard with him team to develop products and services that can help SME owners achieve great success.

JIM ESTILL CEO at Danby Appliances CEO of Danby Appliances, Jim Estill has always been an entrepreneur. Tech expert, Estill has successfully grown companies to get billions in revenue. Investor, advisor and board member for many tech companies such as Blackberry, heâ&#x20AC;&#x2122;s an innovative leader who leads by example. Heâ&#x20AC;&#x2122;s also the author of two books, Time Leadership: Using the Secrets of Leadership for Time Management and Zero to $2 Billion: The Marketing and Branding Story Behind the Growth. A successful leader, Estill is also a humanitarian who aims to do the right thing.

JEAN-FRANÇOIS GAGNÉ

MICHAEL KATCHEN Co-founder at Wealthsimple

Founder and CEO at Element AI Founder and CEO of Element AI, JeanFrançois Gagné lives and breathes innovative technology. Having founded an organization that provides artificial intelligence solutions to companies, he is delivering never before seen innovative technology that is sure to revolutionize the world of AI. Gagné has managed to join the best of the best when it comes to entrepreneurship, technology and academic ecosystems. Combine all of that with his strong leadership skills and innovative vision, Element AI is transforming the way we see artificial intelligence.

Michael Katchen is the king of investments. Having co-founded Wealthsimple, a new way and simple way to invest, Katchen is rising in the financial industry. Wanting to change the world of investment and make it accessible to everyone, Katchen founded Wealthsimple in the hopes of making investing easy, fast, transparent and affordable for everyone. By removing the complexity side of investing, he’s revolutionized the world of investments and made it accessible to everyone.

ANDREW D'SOUZA Co-Founder & CEO at Clearbanc Co-founder of one of the largest fintech companies in Canada, Andrew D’Souza is a name you don’t want to forget. Having founded Clearbanc alongside Dragon’s Den Michelle Romanow, Andrew D’Souza masters leadership skills and is a somewhat expert on all things fintech. Known for building teams and companies that create an impact on people’s lives, he’s also an advisor at Wealthsimple. Innovation, technology and finance are among his passions and he demonstrates it in all the different aspects of his professional career.

DALE HOOPER President & CEO at Cannabis Compliance Inc. Motivated by passion and creativity, Dale Hooperis determined to win no matter what he sets his goal to. President and CEO at Cannabis Compliance Inc., Hooper is dynamic leader who encourages and supports employees who think outside the box like himself.Reputated for his strategic thinking with over two decades of experience in the media industry and consumer packaged goods marketing, Dale Hooper is a strong leader that inspires innovation and creation to his team.

MICHAEL SERBINIS Founder & CEO of League Inc. CEO and founder of League, Michael Serbinis is known for his entrepreneurship skills. An engineer and pioneering technologist, he’s completely changed the business industry. Additionally to being the founder of League, he also founded Kobo, the only competitor to Amazon’s digital reading company Kindle. No stranger to technology and having founded his share of companies such as cloud storage pioneer DocSpace,his significant achievements in the industry have earned him several awards, sponsorships and jobs from globally reputated companies likeNASA. Strong supporter of the next generation, Serbinis founded Three Angels Capitalthat invests and mentors the future generation of IT gurus.

DERRICK FUNG CEO of Drop Current CEO of Drop, Derrick Fung has been awarded in the Top 30 under 30 for Music by Forbes Magazine for his influence in the music industry. A former Entrepreneur-in-Residence at White Star Capital, a global venture capital fund, he’s known for his leadership skills and innovative thinking. A somewhat expert in entrepreneurship and start-ups, Fung writes frequently about his expert knowledge and experience. In fact, several of his articles have been published in reputated magazines such as Forbes, Business Insider and The Huffington Post. CANADIANSME MAGAZINE I JANUARY 2020 I

MIKE STERN

CHERIF HABIB

CEO at Connected

STEVE IRVINE

Co-Founder and CEO of Dialogue

Mike Stern is the CEO of Connected, a company that helps brands develop software-power products. A company that is focused on providing the best work environment to its employees, Connected believes that the best employees deliver the best products. Sharing this same belief, Stern has made it his mission to make the company the best place for employees to work at in North America. A dynamic leader who believes in teamwork and a positive workplace where employees are reliable and excited to come to work every day.

Founder & CEO at integrate.ai

Co-Founder and CEO of Dialogue, Cherif Habib is known for his innovative views. Through Dialogue, he has created a revolutionary service that’s known as the telemedicine leader in Canada.Prior to launching the company, he managed EMcision and spent three years at McKinsey as a senior management consultant. With an undergrad in Computer Science, a master’s in law and an MBA with majors in Marketing and Operations, Habib is an expert in his industry.

With two decades of experience as a senior executive in tech companies, Steve Irvine is a results-oriented leader.Founder and CEO at Integrate.ai, Irvine is a well reputated serial entrepreneur. Having worked for Facebook and Instagram, he knows what it takes to make a company successful. On top of having founded and built three successful tech companies from scratch, Irvine has extensive experience in leading teams that have multi-billion-dollar revenue targets and a sophisticated global ecosystem. Steve is also an active speaker on AI, machine learning, big data, social media and emerging technology platforms.

RAY REDDY Co-Founder & CEO at Ritual

Co-Founder and CEO of Ritual, Ray Reddy is a strong supporter of technology and believes it’s designed to improve and further develop our lives. Having founded two companies, one of which was purchased by Google, Reddy is looking to solve problems that have yet to be solved. Through Ritual, he’s building the future of local commerce with his cofounders. A strong supporter of entrepreneurs, he invests in early stage tech companies alongside Venture Capitals.

NOURA SAKKIJHA Co-founder & CEO at Mejuri Noura Sakkijha is the Co-Founder and CEO of Mejuri, a direct to consumer fine jewelry brand.The brand introduces handcrafted, everyday jewelry without the traditional retail markups. Powered by a fast supply chain that gives the opportunity to present new editions on a weekly basis, Mejuri works directly with expert manufacturers and sells directly to consumers. By doing so, the company cuts out the middlemen costs and brings in extra saving to the customers.

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MIKE MURCHISON CEO at Ada CEO of Ada, an AI-powered platform that allows businesses from around the world to automate an exceptional customer experience that saves time, reduces cost, and strengthens support, Mike Murchison has changed the world of customer experience.With global leading clients such as Telus, Upwork and Shopify, Ada delivers instant, empathic, and effortless customer engagement.Ada understands that live agents have more to contribute than answer frequently asked questions and has an appreciation for customers’ preference for on-demand, self-service support.The company has revolutionized the customer service experience and through AI, is delivering personalized and engaging opportunity for automation across the customer journey.

DEV GANESAN

CAMERON HOWIESON Co-Founder & CEO, Opencare

CEO at PathFactory Dev Ganesan, CEO of PathFactory, has created himself a strong reputationfor building and scaling companies in the digital, mobile, customer relationship management (CRM), and eCommerce industries. An innovative leader with an exceptional talent for helping companies grow, hewas the CEO of ItemMaster Inc, where he developed a cutting-edge product content platform and rich data set that retailers and brands consistently rely on to deliver better consumer experience. His talent, innovative views and leadership skillsgot himthe EY 2017 Entrepreneurof-the-Year award, Future 50 award in 2014 and 2013, and was recognized as a Washington Tech Titan in 2013.

A young entrepreneur who sold his very first company at just the age of 24, Cameron Howieson is known for his innovative leadership skills. With extensive knowledge and experience on managing teams to create innovative products that are used from people around the world, Howieson can best be described as a seasoned entrepreneur.When he’s not working, Cameron is often found playing the guitar or travelling the world.

DR. HOSSEIN RAHNAMA Founder & CEO at Flybits Founder and CEO of Flybits, Dr. Hossein Rahnama is recognized throughout the world as a leader in AI, mobile human-computer interaction and data-driven services. With over 30 articles published and the recipient of 10 patents in ubiquitous computing. He is the CoFounder of the number one based universitybased incubator in the world, The Digital Media Zone at Ryerson University. In 2012, MIT Technology Review selected him as one of the Top 35 Innovators under the age of 35 in the world. In 2017, he became one of Canada’s Top 40 under 40.

CURTIS PHILIPPON President & CEO at Certarus Ltd. Having joined Certarus as the Vice President of Finance & CFO in June 2014 and then getting promoted to President & CEO in November 2016, Curtis Philippon is ambitious when it comes to his career.With over a decade of leadership experience in both operational and finance roles, he is known for his strong leadership skills and successful experience in helping companies grow.

ILDAR SHAR CEO @ StackAdapt Passionate about science and entrepreneurship, Ilda Shar founded StackAdapt in 2013 along with his business partners Vitaly Percherskiy, and Yang Han.Reputated as the most disruptive advertising platform,StackAdapt is also a hub of innovation and creativity. With the innovative vision of its founders, StackAdapt is the fastest growing tech startup in Toronto.Having revolutionized the advertising industry with cutting-edge technology and innovative processes, the company is now the number one programmatic native advertising platform that helps agencies increase customer engagement. On a mission to reinvent the future with their expertise on machine learning and data science, StackAdapt has doubled in size in the last year and continues to expand.

ZAK HEMRAJ CEO at Loopio CEO of Loopio, Zak Hemrajusing his expertise and leadership skills to restructure the way companies respond to Requests for Proposals (RFPs), Due Diligence Questionnaires (DDQs), and Security Questionnaires. Headquartered in Toronto, Loopio aims to help companies from different industries to collaborate in a smarter way. The company’s platform has been specifically designed to simplify the user experience. With over 700 brands trusting the company, Zak Hemraj has contributed greatly to the company’s success.

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MATT JOHNSTON Co-Founder & CEO at Collective Arts Brewing Co-Founder and CEO at Collective Arts Brewing, Matt Johnston has a new vision when it comes to brewing.A grassroots beer company that fuses the craft of brewing with the inspired talents of emerging artists, musicians, photographers & filmmakers, Collective Arts Brewing is unlike any other beer before seen. Dedicated to promoting artists and raising the creative consciousness through the sociability of craft beer, Johnston is putting a new take on beer. His innovative views and social consciousness have created him a strong reputation in the brewing industry.

JOHN PRENTICE

CARLO PEREZ

CEO at Ample Organics

CEO of Swift Medical

John Prentice is CEO at Ample Organics and a goaloriented executive with a strategic outlook.With a proven track record in tactical planning, evaluation and development, he delivers enterprise information technology initiatives on time and on budget. Prentice is also known for his leadership skills thatinspires and encourages the development of talent.A strong believer of providing a work environment that’s fun and engaging, he ensures that all his employees contributions are recognized. His leadership skills and innovative ways have contributed to the success of Ample Organics. Passionate about enhancing the overall user experience, Prentice is always eager to undertake new challenges and deliver outside-of-the-box solutions with his team.

Engineer and entrepreneur, CEO and CoFounder of Swift Medical Carlo Perez is known for his cutting-edge technology developments. With over seven years of experience as a Research and Developer at Advanced Micro Devices (AMD) where he focused his research on industry-leading 3D graphics hardware, Perez is passionate about delivering designs and transformative technologies that put empathy into action. His innovative view and technology developments have made Swift Medical the leader in digital wound care management.

ANDREW GRAHAM Co-founder & CEO at Borrowell Co-Founder and CEO at Borrowell, Andrew Graham can best be described as askilled leader whose talent is to combine technology and peoplein order to resolvetough problems. Co-founder of Borrowell, a fintech company that helps Canadians make smart decisions about credit, the company is one of Canada’s largest financial technology companies. Recipient of several recognitions and awards such as being named in the Fintech Top 100 by KPMG, a “Company-to-Watch” by Deloitte Technology Fast50 program, and the Canadian fintech company of the year in 2018, it’s safe to say that Graham is on the rise as successful entrepreneur.

HANA JAMES Co-Founder & Director of Community at Greenhouse Co-Founder and Director of Community at Greenhouse, Hana James is a skilled leader with anestablished history of working in the food and beverages industry. An expert when it comes to catering, negotiations, operations, customer Service, management, product development and sales, she is a jack of all trades.Graduate of one of Canada’s top universities, McGill, Hana has created herself a solid reputation in her industry and is known for her professionalism and strong operational skills.

BRYAN GOLD Co-founder, CEO of #paid Bryan Gold, Co-Founder and CEO of #paid, is solving several problems through his company. With an important breakdown of trust between social media influencers, brands and consumers due to brand safety issues, fake followers, inauthentic content and fluffy metrics, #paid is on a mission to fix this increasing problem. Through what they call creator media, the company is known for providing trusted content and media that’s designed to move the most important metrics of a brand.Among their popular clients, their brands include Starbucks, Toyota, H&M, and Spotify. With #paid's creator media platform, they’ve been able to achieve their most critical marketing objectives.

EUGENE WOO CEO – Venngage CEO of Venngage, a simple infographics tool that gives the opportunity to anyone to create stunning infographics in just a matter of minutes, Eugene Woo knows what it takes to bring the company to the next level. By simplifying the process of creating infographics in just a few steps, Venngage has quickly become the most advanced info graphics tools with highly customizable controls for both beginners and advanced users. With hundreds of different charts, icons, pictograms and widgets, anyone can easily create professional looking infographics.

EVA WONG Co-Founder and Chief Operating Officer at Borrowell Co-founder and Chief Operating Officer at Borrowell, a fintech company that provides guidance and support to consumers, so they can make smart decisions when it comes to their credit, Eva Wong excels when it comes to her leadership skills. Leading the teams of Product, Engineering, Design and Data, Eva contributes greatly to the success of the company. With her strong leadership skills and innovative ways, it’s no wonder that she was named one of the 20 Canadian tech start-up founders and won the 2019 EY Entrepreneur of the Year award.

MARK SCHEINBERG Co-founder and former co-owner, at PokerStars Co-Founder and former Co-owner of PokerStars, Mark Scheinberg is known for his leadership skills. Having co-founded alongside his father the world’s largest online poker business, he created himself quite a reputation as a successful entrepreneur. During his time as CEO at PokerStars, Scheinberg went on to also create the world’s largest online tournament. With a net worth of 4.8$ billion according to Forbes, Scheinberg exited the poker industry and has seen been investing in real estate where he continues togrow his fortune.

JIM PATTINSON Real Estate Sales Representative at Enjoy Muskoka Realty Inc. With expertise knowledge on sales and real estate, Jim Pattinson is the Real Estate Sales Representative at Enjoy Muskoka Realty Inc. Having been with the company for a decade, Pattinson knows what it takes to make a sale when it comes to real estate.

STEPHEN LAKE Founder/CEO at North Founder and CEO of North, Stephen Lake is what you can call a tech guru. Passionate about the tech industry, Lake is known for having developed high-technology products. His products mostly range in medical and space industries with reputed companies such as the Canadian Space Agency and Hologic. Driven by developing and introducing new technologies and ideas to the world, Stephen loves a good challenge and lives by his motto “Go Big or Go Home”.

MICHELLE ROMANOW Serial Entrepreneur, Co-Founder Clearbanc, Dragon on Dragons' Den Tech expert Michelle Romanow is known for being the co-founder of Clearbanc, one of the biggest fintech companies in the country. A serial entrepreneur, Romanow is also one of the many “dragons” on Dragon’s Den where she invests in many startups. Passionate about helping tech companies grow, she’s driven by innovation and technology. She’s had quite the successful career being named in Canada’s Top 100 Most Powerful Women and being the only Canadian on Forbes Millennial’s on a Mission List. She’s raising the bar high for future women leaders in the tech industry within the country. CANADIANSME MAGAZINE I JANUARY 2020 I

SARAH PREVETTE Founder & CEO at Future Design School (FDS) Founder and CEO at Future Design School, Sarah Prevette is an expert when it comes to product development, social marketing, business strategy and branding. Having created FDS, a school that aims to empower innovation within the younger generation through design and entrepreneurship. Prevette is no stranger to entrepreneurship having founded several other companies such as Sprouter.com and BrandProject, both of which gained enormous success. Driven by innovation, Sarah strives to bring the entrepreneurship spirit and innovative thinking to the next generation.

MITCHELL GOLDHAR

JAY KLEIN

Founder & Executive Chair at SmartCentres REIT, Founder & Owner at Penguin Group & PenguinPickUp, Owner at Maccabi Tel Aviv FC Serial entrepreneur Mitchell Goldhar has founded numerous companies such as SmartCentres REIT and Penguin Group & PenguinPickUp and is also the owner of Maccabi Tel Aviv FC.With assets valued at close to 10$ billion and the continuous growth of his companies, Goldhar was the man behind making Wal-Mart enter the Canadian market in 1994. Today, he’s the sole real estate partner of Wal-Mart in the world. Strong believer and supporter of education, Mitchell Goldhar is the adjunct Professor at the University of Toronto’s Faculty of Geography and Rotman School of Management since 2004 and won the award for professor of the year in 2015

Founder and CEO at The PUR Company Inc. Founder and CEO of PUR Company Inc., Jay Klein lives and breathes entrepreneurship. A true leader, Klein has created the number one aspartame-free gum and mints worldwide. Driven by innovation, Jay Klein is passionate about creating and developing products that make a difference. Additionally to having founded PUR, Klein is also the President of Drivertise International Inc., a creativity and design company with over 20 years of experience in the marketing and printing industry. Successful leader and entrepreneur, Jay has been recognized globally for his achievements through numerous awards and recognitions, such as making the list of Canada’s Top 40 under 40, EY Entrepreneur of the Year in 2014 and Canada’s Top 10 Innovators in Grocery just to name a few.

DEBRA GOLDBLATT SADOWSKI Chief Executive Officer at rock-it promotions, Inc. Debra Goldblatt-Sadowski is the CEO at Rock-It-Promotions Inc., a public relations company based in Toronto, Ontario. Having worked for the company for over two decades, Debra is an expert when it comes to PR and the power of social media. Understanding the power of social media and how it can influence the image of a company, she offers advice and shares expertise knowledge on digital media and how to maintain a positive online image. Known for her agility, social presence and forward thinking, she inspires through leadership and guides her team to help companies become successful through PR and digital media.

IGGY DOMAGALSKI CEO at Tundra Process Solutions CEO of Tundra Process Solutions, Iggy Domagalski has always possessed the entrepreneurship spirit. Having worked with many corporations, Domagalski is a strong believe that a successful company is based on three aspects: growth, change and people. That being said, he ensures to include these aspects in his daily activities. Known for his leadership skills and being an expert on strategic planning and operations management, Iggy Domagalski has been included in Canada’s Top 40 under 40 list.

JAMES HENDERSON President & CEO - Avigilon, a Motorola Solutions Company President and Chief Operating Officer of Avigilon Corporation, James Hendersonhas over 15 years of experience overseeing domestic and international business strategies in several industries such as security, IT and technology. Through Henderson’s leadership, Avigilon has expanded its market presence, brand awareness, and corporate profile making it a globally recognized leader in the security industry. His strategic vision has contributed to the company’s success and revenue growth.

JUSTIN THOUIN Co-Founder & CEO at LowestRates.ca Co-founder and CEO at LowestRates.ca, one of the fastest growing companies in North America, Justin Thouin has a lot to be proud of. Under his leadership, LowestRates.ca has made the top 50 on Maclean's/Canadian Business' Growth 500 list of Canada’s fastest growing companies for four consecutive years. Thouin has created himself a solid reputation as an expert of finance and entrepreneurship and is often featured in the media.

ALLEN LAU Co-founder of Wattpad Serial entrepreneur, investor and Canadian startup ecosystem champion, Allen Lau is the co-founder of Wattpad.Founded over a decade ago, Wattpad has grown from a simple reading app to a company that’s revolutionizing the way entertainment is distributed. In true entrepreneur spirit, Lau has founded a total of three companies, FeedM8 and Two Small Fish Ventures. Passionate about technology, Lau uses his expertise and knowledge to help entrepreneurs build large tech companies through forward-thinking and innovation.

BRUCE FLATT CEO at Brookfield Asset Management CEO at Brookfield Asset Management, Bruce Flatt joined the company thirty years ago and has since contributed to making it a leading global alternative asset manager with over $500 billion in assets under management. A leader with an innovative view for the future, Flatt is taking Brookfield to the next level by giving it a global operating presence in over thirty countries.

MICHAEL CHENG CEO & Co-founder of Lumen5 Michael Cheng is a tech expert with an entrepreneur spirit. Aside from having founded Lumen5, a video creation platform powered by machine learning and built for businesses to produce engaging social video content at scale, Cheng has also launched several other tech companies such as Sniply and WittyCookie. Lead organizer of the TEDx in 2011, he’s also a volunteer speaker for United Nations Association in Canada, The Thief Foundation and the Vancouver Board of Trade. Through his accomplishments, Michael Cheng is the recipient of several awards and recognitions such as Top 30 under 30, New Ventures BC Winner, Future Leaders of Canada and Entrepreneur of the Year just to name a few.

JANE GOWING Owner at Gowing Contractors (2018) Ltd Owner of Gowing Contractors (2018) Ltd., Jane Gowing has founded a company that has achieved great success throughout the province of Ontario. Gowing Contractors is recognized as being a company that provides quality service, attention to detail and values integrity. With her devoted staff, Jane has expanded the company throughout the GTA area and the province making it a leading contender in its industry.

MANON HOGUE President CEO at Diagnostics Biochem Canada President and CEO of Diagnostics Biochem Canada, Manon Hogue is an expert in the biotechnology industry. With expertise knowledge in Biotechnology, Research and Development (R&D), Manufacturing, Medical Devices, and Life Sciences, Hogue is known for her professionalism and her entrepreneurship spirit. Innovative and forward thinking, she’s revolutionized the world of biotechnology and is planning on taking the company to the next level.

CANADIANSME MAGAZINE I JANUARY 2020 I

Exclusive chat with Dino Infanti on

TaxNewsFlash Canada Report

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Power Up! SHIRAZ SIDDIQUE

While simultaneously delivering record-setting sales results in various Sales Leadership roles, Shiraz Siddique has been actively training, consulting and delivering keynotes for more than 20 years in both the Academic and Corporate world. His passionate and innovative delivery style allows him to navigate past the reality that most people want to learn but do not enjoy the traditional process of learning. Through easy to apply techniques and strategies, he helps companies generate the types of results they have always felt they are capable of.

Regardless of the role you play in your organization, we all have moments when we feel pressed up against the ceiling of our capacities. We feel like we are capable of greater depth, breadth and can reach higher heights yet a perceived lack of resources like skill, time and funding can drain the passion, energy and drive it takes to experience the fulness of our potential. Sometimes we need additional power to propel us past the frustration and negativity that is prone to set in with a weaker skillset, delays and setbacks. How do you keep moving forward when it seems like your engines are powering down all around you? To maintain momentum and energy, look inside your Power Plant! Most sources of inertia (positive and negative) tend to be internal and not external. Here are Five Internal Power Sources you have direct influence over, you can activate to extract more from your capacity WAIT-POWER

ABOUT LEVERAGE CONSULTING Frustrated after seeing poor ideas get adopted over far superior strategies, Leverage Consulting was founded on one question, “Why doesn’t the best idea always win?” That forced a flipside question, “Why do my prospects consistently select us over the competition?” Whether delivering group presentations or connecting 1:1, we work with Leaders, Salespeople and Entrepreneurs to grow their persuasion and influence. We guide our clients through the process of Calculating, Calibrating and Clearly Communicating their product, service or idea. Our sessions are deliberately designed to challenge participants’ thinking. Our priority is to ensure the learning experience is connected, relevant and enjoyable. We go beyond building successful training programs – we believe in building successful people through skill, confidence and presence. Ensure your idea wins in your next team meeting or client presentation. www.findyourleverage.ca

“Whoever lasts longer wins!”. Today’s pace of advancement feeds the need for instant gratification, yet, when was the last time you led a project that actually went according to the timelines you originally laid out? Right. Delays are inevitable so do not allow them to derail you. WAIT-Power disciplines our patience and teaches us how and when to slow down and proceed with caution. Moving too fast creates blind spots for hazards and can minimize our response times. Patience is not sexy but saves us from collisions at the intersections of life. WORD-POWER Most coaches are masters in the X’s & O’s of strategy in their respective sport/ industry. What separates a good coach from a great coach are the words they use to inspire their team/staff. Some of your staff might enjoy public recognition and are motivated by that moment while others might be ‘coin-operated’. Of all the types of motivation, daily verbal reinforcement of objectives and positive progress is the most cost effective. An old proverb that governs my conversations is ‘Life and Death is in the power of the tongue.’. Choose to speak life over your endeavours – it can serve as fuel for the wildfires of growth.

WILL-POWER When desire falls, determination and grit rise. Will-power exerts force to repel negativity and it propels the positive discipline. Keeping your foot on the gas keeps the power constantly engaged. It’s called Will-Power and not Want-Power for a reason. It is the difference between ‘doing it vs wanting to do it.’ WISE-POWER When embarking into uncharted growth, we have one of two choices; either educate ourselves (time intensive) or hire an expert (budget intensive). Leveraging the experience and wisdom of others is powerful propulsion. It provides an aerialdrone view all round you. Map out and template your own accomplishments from which to glean wisdom. Successes have taught you what to do and equally important are the failures that have taught you what not to do! Leverage the experiences of industry experts by reading books and amazing blogs (Like this one maybe?)! WHYS’-POWER If the saying ‘out of sight, out of mind’ is true then flip the script! In-sight should equal in-mind! If your motivation is family, financial goals or personal achievement, then let them serve as a constant reminder. Keeping your ‘Why’s’ clear and present, activates all the other Powers and keeps you focused longer, energy levels higher and the creativity flowing. There will always be forces trying to flex their dominance over us so let’s Power Up our internal forces, so we can power down the external factors trying to lower the ceiling of your capacity. Ultimately these five power sources are in your control to active to get to the other side of your journey.

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T hi nk t w i ce abo u t

RESTRICTING C H A R I TA B L E G I F T S I

expenses that require a level of funding that isn’t always easy to acquire through grants or donations. But without that necessary infrastructure, a charity simply can’t function.

After all, companies that embrace philanthropy also like to see the impact of their generosity. That could be providing funding for a children’s summer camp, for example, or footing part or all of the bill for an MRI machine at a local hospital. These are important, tangible accomplishments that satiate companies’ desire to demonstrate a return on every investment they make. It’s a completely logical approach.

Here at Canada Gives, for example, we’ve had donors provide funding precisely to fund ongoing research and development of our programs and other operational needs. They know full well that by getting our message out and building brand awareness, we can create greater impact in the not-for-profit sector and continue to appeal to new donor clients.

t’s tempting for organizations to want to steer their gifts to a charity or non-profit in a specific, strategic direction.

That’s why many organizations will attempt to place restrictions on their donations. That could mean specifying that their donation must go to funding a specific capital investment or initiative, such as that aforementioned MRI machine. In many cases the recipient charity or non-profit will agree to the terms, in whole or in part. Some companies will also require a certain degree of brand recognition with their gift—from a mention in marketing materials to naming rights on buildings. Arguments can be made on both sides of the restricted vs. unrestricted gift debate. The former ensures that funding goes to a defined cause or need that likely aligns with the donor organization’s values and corporate mission statement. Doing so also delivers quantifiable benefits that can help the donor boost their community bona fides or attract socially-conscious talent. But while it’s true that many donors prefer directing a gift to ensure that money is being used to address targeted needs, they also need to understand that charities require unrestricted funds to operate and carry out their good work. Often times it’s the administration, marketing or payroll 44

The trouble is that back-end funding requirements are far less appealing to some corporate donors than major capital investments or donations that flow immediately to the individuals or causes the charity supports. In fact, some see these expenditures as wasteful, determining that every cent of donations should be distributed into the field. In a perfect world, that would, of course, be the case. But charities are like businesses in the sense that they require sustained investment to maintain and grow. As long as the charity’s leadership is transparent, accountable and strategic in the way they use these funds, building that infrastructure is a worthwhile investment. That’s why small and medium-sized businesses that demonstrate their generosity and keen sense of corporate social responsibility through a donation should think twice before placing tight restrictions on their gift. Those conditions ultimately limit the charity’s ability to operate, grow and do even more good. Fewer, simpler (or no) restrictions can be the focus if you hope to make a real difference with your company’s next charitable gift.

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"That’s why small and medium-sized businesses that demonstrate their generosity and keen sense of corporate social responsibility through a donation should think twice before placing tight restrictions on their gift. Those conditions ultimately limit the charity’s ability to operate, grow and do even more good."

J. DENISE CASTONGUAY

Executive Director and CEO of Canada Gives J. Denise Castonguay is the Executive Director and CEO of Canada Gives, a federally registered not-forprofit organization committed to helping philanthropists build and grow high-impact foundations. For more information, visit www.canadagives.ca

HACKERS This Holiday Season How to Keep Your Organization Safe from

Penetration Testing: Penetration testing provides an organization with a view of what it’s like to be targeted by hackers, showcases how the attack is performed and offers takeaways to prevent it from happening “for real.” To avoid costly cyberattacks, consider engaging a security partner to conduct a penetration test against your infrastructure.

How robust are your security alerts?

By Daniel Reio

s we all get ready for the holiday season, cybercriminals are also gearing up for a special time. Holidays can be an ideal time for hackers, as many organizations have reduced IT staff – or even no security team on premises – making it easier to execute attacks without being noticed. This environment can be open season for ransomware, which in recent months has seen an uptick in Canada; Ryuk, for example, recently hit three Ontario hospitals and healthcare facilities in Alabama and Australia. So, how can your organization rest easy over the holidays?

How prepared are you for cyberattacks?

DANIEL REIO Daniel Reio is the Director, Product & Partner Management for CDW Canada.

Before you get ready to ring in the holiday season, you’ll want to test your security posture. Here are three ways to do so: Risk Assessments: Risk assessments can be performed on any application, function or process in your organization. You’ll want to take this opportunity to identify threats, determine risk levels and impact, analyze your environment and determine the likelihood and severity of any risk to your business. Vulnerability Assessments: A vulnerability assessment identifies, classifies and ranks the vulnerabilities in systems, applications and network infrastructure to provide your organization with the necessary knowledge, awareness and risk background to understand the threats to your environment. Work with a trusted solution provider to make sure your security technologies are properly implemented and integrated to effectively guard against all threats.

Not only do you need to prepare your systems for a cyberattack, but you’ll want to make sure, if an attack does occur, that you are getting the alerts that you need. Evaluate your security software to ensure you receive the proper alerts, and make sure you are confident with your triage process if an alert does occur. It’s especially important to avoid alert fatigue and not ignore alerts during high-risk periods…such as the holiday season. You will need to increase your thresholds for alerting so that someone can keep an eye on those.

Have you considered fully or partially managed services? Arguably, the best way for you to enjoy the holidays, knowing that your systems are secure, is to have someone else look after them. By engaging a managed services provider, you’ll have a dedicated team of security analysts in a Security Operations Centre (SOC) who watch your logs and alerts, and either report or take action on critical events. For smaller businesses, or those without an SOC, partially managed services could be a great option, especially during high-risk, low-activity times such as long weekends. Here are some additional tips on preparing your organization for the holiday season: •

Have good incident response, business continuity and disaster recovery plans in place and make sure to have them tested.

•

Consider having an incident response retainer, so that if a breach does occur you are prepared to respond quickly.

•

Security awareness training can educate staff about social engineering and phishing attacks, which will likely increase before the holidays.

•

Consider restricting admin functions during these high-risk windows and utilize multifactor authentication (MFA) on all admin accounts.

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INTERVIEW

Fred Shurbaji How Aviva Canada is helping Canadian SMEs

Senior insurance executive with 35 years' global insurance experience spanning the U.A.E, Canada, France and the United Kingdom. Broad background in property and casualty underwriting. Proven track record for driving profit and growth through product differentiation and a niche approach. Expert in the development and implementation of regional strategies with direct responsiblity for managing the underwriting operations and products' mix across ten countries in Europe and for a syndicate at Lloyd's.

As Head of SME Commercial Insurance, you were heavily involved in the launch of Onpoint, an innovative insurance product specific to small business owners. What can you tell us about this product and how it can benefit SME owners? In late 2018, we launched Aviva Onpoint, our insurance offering that specifically targets segments in business and professional services, contracting, and retail with revenue up to $5 million. Onpoint is tailor-made for small businesses, offering relevant and specific insurance coverage for broker clients at an affordable price point. What are some of the programs and services that Aviva offers to business owners that can help them in the successful management of their business? One of the great things about Onpoint is that it provides the right property and liability coverage based on the client’s primary operation, with the option to add additional coverage if required, such as business income, equipment breakdown, crime, and more. Up to two secondary operations can also be added, all under a single, easy-tounderstand property and casualty policy, offering clarity and simplicity for business owners. When it comes finding the right insurance plan for a business, there are several factors that entrepreneurs should take into consideration. What would you say are the top three aspects that entrepreneurs should consider when choosing the right insurance plan for their business? We would recommend that entrepreneurs should ensure that their insurance product includes: • Coverage that is suited to their business • Protection that is tailored to their specific industry • Flexible options so they can adjust coverage amounts and deductibles In your expert opinion, what is the most challenging thing that entrepreneurs face

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when it comes to the success of their business and how can Aviva help them overcome these challenges? Entrepreneurs face challenges every day to run their company and we strive to not add insurance to that list. Businesses should be able to purchase coverage suited to their specific needs with the peace of mind that, if a claim should arise, they have proper protection to get them back to operating as usual. What sets Aviva apart from other insurance providers? What gives them a competitive edge? Aviva offers tailored insurance solutions to fit our customer’s needs, regardless of the size of their operation. We launched Aviva Enterprise in 2018, which streamlines the products we offered to the different businesses we insure and allows for customization so every policy is uniquely suited to the business we’re covering. Then, in late 2018, we launched Aviva Onpoint to service smaller organizations who may not need the customization provided by our regular offerings. At Aviva, we’re focused on ensuring that we offer our customers choices to suit their business needs Prior to joining Aviva, you spend almost three decades at Chubb. How would you say your previous experience has helped you in your current role as Head of SME Commercial Insurance at Aviva Canada? Through my career, I’ve worked in Montreal, Vancouver, Toronto, Paris and London. This broad experience, coupled with the exposure to global businesses, allows me to build upon Aviva’s strengths, while expanding our current capabilities. We’re currently working on strengthening Aviva’s Middle Market proposition by providing value added services and multinational capabilities for larger Canadian companies. Canada’s SME business industry is constantly evolving with new and innovative developments. How is Aviva shaping their

insurance business plans to accommodate the constant evolution of Canadian SMEs? The overwhelming majority of businesses in Canada are small and medium enterprises, and they need insurance coverage to meet their unique needs. As their businesses grow and evolve over time, so should their insurance. That’s why we’ve made a concerted effort to improve our products and differentiate the different types of businesses and industries to make them relevant and helpful to the customer, irrespective of their size. On a final note, what does the future of Aviva look like? What can you tell us about any upcoming projects or initiatives? Aviva continues to keep our customers and their needs at the forefront of everything we do. Not all small and medium sized businesses have the same needs from their insurance company and we’re creating products to suit all types and sizes of companies. In 2020, we’ll be continuing to refine our existing products as changing needs emerge We also launched a Middle Market pilot earlier in 2019 that offers insurance solutions to larger companies with nuanced operations that we plan on expanding early 2020.

"Aviva offers tailored insurance solutions to fit our customer’s needs, regardless of the size of their operation. We launched Aviva Enterprise in 2018, which streamlines the products we offered to the different businesses we insure and allows for customization so every policy is uniquely suited to the business we’re covering."

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